Police identified the victim as Jimmy Go Lu, owner of Wel-Star Appliance Shop located along Roosevelt Avenue, across a branch of the Land Bank of the Philippines.
He sustained a gunshot wound in the chest and was taken to the St. Agnes Hospital, where he was declared dead on arrival.
Initial investigation showed that Lu was on board his Toyota Corolla (UFB-681) and about to enter the garage of the shop when one of the suspects, wearing a red-striped shirt, poked a gun at him about 12:20 p.m.
Investigators said Lu may have resisted attempts to take his bag, prompting the suspect to shoot him.
The suspect with his companion sped off toward Quezon Avenue on board a motorcycle.
Unconfirmed reports disclosed that the victim’s bag contained P500,000.
Meanwhile, Chief Inspector Rudy Jaraza said the suspect who shot Lu may have been injured as well.
Police said the suspect was shot in the back.
However, it was not yet clear whether the suspect was shot by a police officer or security guards on board an armored van, which was in the area just as the robbers were about to escape.
Statements gathered from witnesses revealed that the suspects had been waiting near the appliance shop apparently waiting for the owner.
As of press time, police were still gathering evidence at the crime scene and description of the suspects from witnesses.