The suspects, armed with M-16 rifles, carted away at least P100,000 in cash and escaped on board a Mitsubishi Adventure van with plate number WGK-960. Investigators said the actual robbery took only two minutes to complete.
While no injuries were reported, the gunmen, believed to be members of the "Waray-Waray Gang," disarmed the security guard, Joel Refugia, and took his licensed caliber .38 pistol.
Initial police investigation showed that the incident occurred at about 12 p.m. inside the Equitable Bank Balete branch in Aurora Boulevard, Quezon City.
Four men alighted from the van while the three others waited inside the vehicle and acted as lookouts. Two of the robbers walked in first, followed by the bank’s supervisor, who had no idea what was happening. The other two followed suit.
The robbers announced the heist and ordered everybody to lie face down on the floor while they emptied cash tellers of their contents. The gunmen, however, did not attempt to break-open the bank’s vaults.
After collecting the money, the four rushed out of the bank and boarded the van, which, according to police, moved slowly towards Sta. Mesa, Manila because of the "heavy traffic".
Elements of the Central Police District arrived on the scene but were unable to pursue the robbers, said Superintendent Raul Medina, chief of the Central Investigation Division.
Medina said, however, that follow-up operations are now being conducted by his men for the arrest of the robbers.