Police said the money was intended by trader Lamberto Mariano, 63, and wife Marina, 60, both of 1730 Varona Street, Tondo, Manila for the purchase of a lot near the area.
Police said the suspects, in their mid-40s and of medium built, are believed to be members of the notorious "DT Motorcycle Gang."
Northern Police District Office (NPDO) director Chief Superintendent Jose Marlowe Pedregosa said he dispatched a team to hunt down the three suspects who were armed with handguns.
The stick-up happened around 10 a.m. along Tanigue street corner Pampano in Dagat-Dagatan, Caloocan City while the victims were on board a Nissan Ultra pickup van (UGU-649), driver by Lamberto, a belated police report said.
The Tondo couple had just come from a Metrobank branch in North Bay Boulevard, Navotas where they reportedly withdrew P1.2 million to purchase a lot from one Florida Obejas. Obejas residence was only few meters away from where they were held up.
The victims told probers that they had no recourse but to give in to the suspects who poked their guns at them as they grabbed Marina’s handbag containing the money. – Jerry Botial and Pete Laude