It happened just before 7 p.m. Wednesday in the 2400 block of North Reese Street.
The boy was struck by a burgundy, early 2000s Chrysler or Dodge minivan.
Police say the driver initially stopped and got out of the minivan to see what had happened, then jumped back in the vehicle and sped away.
The boy was taken to St. Christopher's Hospital for Children in critical but stable condition.
Police are now working to track down the minivan and its driver, whom they describe as a light-complected black man in his early 20s weighing about 140 lbs.
Anyone with information about the incident is asked to contact Philadelphia Police by dialing 911.
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