Masinga was an active member of the South African Masters and Legends Football Association and his president Buddha Mathathe was stunned after the family informed him of his passing.
"Phil was a loyal servant of the game‚ on and off the field of play".
According to reports in the local media, Masinga had been admitted to hospital early last month with an illnesss.More news: Barca back for Willian? Malcom swap rumored for Chelsea
Masinga made his debut for Bafana Bafana in July 1992 against Cameroon in South Africa's first match after re-admission to worldwide football by Fifa.
The striker, who played for a number of clubs including Jomo Cosmos, Mamelodi Sundowns, Leeds United and Bari, represented Bafana Bafana on 58 occasions, scoring 18 goals for the national side.
Born in Klerksdorp in the North West province, Masinga passed away at the age of 49 and will be remembered most fondly by the crucial goal which he scored for Bafana in 1997.More news: Our Oceans Are Warming At An Even Faster Rate Than We Anticipated
The Bafana twitter account confirmed on Sunday that Masinga had sadly passed away.
Masinga also played for Leeds in the English Premiership in the 1990's, along with Lucas Radebe. The thoughts of everyone at #LUFC are with his family and friends'.More news: Jeff Bezos’ Messages To Mistress Lauren Sanchez Are Messy As F*ck, Allegedly