TMG director Chief Superintendent Augusto Angcanan said one of the slain suspects was identified as Jeremy Istanislao, 24, of Barrio Sto. Niño, Pasay City. The other fatality remains unidentified.
Two of their cohorts managed to elude arrest and are now the subject of a police manhunt.
A report from the Mandaluyong police showed that at 1:25 a.m., the suspects flagged down a tangerine Isuzi Crosswind (ZAP-935) at the corner of Mindanao and Congressional Avenues in Quezon City.
The driver, identified as Christopher Custodio of Tandang Sora, did not hesitate to stop since the four men were wearing Philippine National Police sweatshirts and jackets.
They were standing next to a Toyota Revo.
As Custodio opened the car window, one of the suspects hit him with the butt of a pistol and shoved him into the backseat of his van.
Two suspects boarded the Crosswind and sped off. They were followed by the two others on the Revo.
Custodio was later dropped off near Toro Hills Subdivision in Project 8, Quezon City.
He immediately sought help from a passing police vehicle.
After getting the details on the carjacking, TMG Mobile 11, composed of Senior Inspector Henry Cerdon, PO3 Cuadra, PO2 Villar and PO2 Bacani, went on pursuit.
Twenty minutes later, TMG Mobile 11 caught up with the Crosswind and the Revo at the Boni Avenue tunnel.
The TMG officers were fired upon as they tried to block the Crosswind.
A resulting shootout left two of the suspects dead. Two caliber .45 pistols and four magazines with bullets were recovered from the scene.
The two others on board the Revo managed to escape.
Angcanan, who was given by Interior and Local Government Secretary and National Anti-Crime Task Force chief Angelo Reyes two weeks to eradicate carjacking incidents, said the TMG has made significant headway in the last few days.
"This is a strong message that we in the TMG, PNP and DILG mean business in the drive against carnapping syndicates," the TMG chief said.