PO2 Jason David, investigator on case, identified the suspect as Miles Villacampa, 28, a resident of Saint Ignatius Village in Quezon City.
Villacampa is still at large as the follow-up team of the Makati police failed to find him at his residence.
The suspect along with two unidentified men were seen inside a maroon-colored Honda CRV by witnesses standing outside the Olive Bar and Restaurant as the two victims were shot.
One of the victims, Emiliano Familar, 28, died while being treated at the Makati Medical Center as a result of multiple bullet wounds.
His companion Arthur Alvin Aguilar, 29, was also shot but is in stable condition at the same hospital.
Investigators believe that Aguilar was the target in last Thursday mornings shooting incident based on the statements of the witnesses.
According to a certain Ariel Maganto, he saw Villacampa at the backseat of the CRV holding the high-powered rifle used in shooting the two victims.
Maganto told the police that he was introduced to Villacampa previously and immediately recognized him as the shooter inside the vehicle.
The wife of Aguilar, Maridel, also told the police that she knew Villacampa as the only person who has a grudge with her husband.
She said that Villacampa used to be close to her husband and even trained under him in martial arts.
Aguilar, one of the top Gracie Jiu-jitsu instructors in the country, is the man behind the Ultimate Reality Combat Championships (URCC), the local version of the internationally acclaimed Ultimate Fight Championship.
Villacampa was said to have separated from Aguilar after learning the trade and this started the conflict between them.
David also clarified that actor/model Boy II Quizon was the one who brought the two victims to the hospital after the incident.
In a related development, the owners of the bar voluntarily closed their establishment immediately after the incident.
Information from the City Administrators Office revealed that the owners decided to shut down the bar indefinitely but no reason was provided.
The Olive Bar used to be known as the Seven-Eight Orange both of which cater to high profile clients.