Two cars on the motorway also blew up after the truck's combustion, according to Italian media.
A police video showed the tanker failing to slow down quick enough and plowing into the rear of a truck stopped in traffic, with flames exploding on impact.
Part of the bridge the crash happened on collapsed, and the resulting fire spread to a auto dealership which lay below the bridge.
This soon led to a huge explosion which caused the road to partly collapse and triggered further fires in a auto park underneath the elevated highway.
Reuters Scores of people have been injured in the blast.
Two people have been killed and at least 60 injured, Italian outlet La Stampa reports.
At least one dead, 56 injured after truck explodes on Italy motorway
At least one witness also filmed the colossal blast from their vehicle, showing dark plumes of black smoke suddenly give way to wall of fire so big it fills the entire frame. Aerial photos showed a gaping hole left in the raised highway.
Bologna is in northern Italy, and is located some 374 kilometres from Rome, the capital.
The windows of many houses in the area are reported to have shattered.
In a statement issued on Tuesday, the DFA said the Philippine Consulate General in Milan reported that a total of 10 Filipinos, among them two minors and two infants, were affected by the blast.
Numerous injured were hit by debris and broken glass from the explosion, Italian media reported.
It took firefighters almost two hours to extinguish the fireball, which spread to vehicles parked in a nearby lot of a auto dealership.