The trader, Francisco "Paul" Tan Co, in his late 30s, was on his way to Bonuan Binloc to play golf when he noticed that a white car was tailing his Chevrolet super van.
Cos family owns a chain of construction supply stores and a cable television station.
Co drove his vehicle at full speed when the unidentified men began firing at his vehicle, hitting it four times.
Upon reaching the middle of Tanap Bridge, he alighted, jumped into the river and swam as fast as he could until he reached the fence of Bombo Radyo Dagupan. There, he sought help.
The radio stations employees gave him first aid because of the cuts and bruises he sustained in the river where oyster-raising gear was scattered.
Bombo Radyo personnel informed the police about the incident. Co was later brought to the Region 1 Medical Center for further treatment.
Bystanders claimed hearing Cos would-be kidnappers talking in Ilocano, one of them quoted as asking in the dialect, "Why did you not fire the long firearm?"
Last year, another Chinese-Filipino businessman, Charlie Ngo, owner of the Star Plaza Hotel, was abducted along the same road. His family reportedly paid an P8-million ransom to secure his release.
Dagupan Mayor Benjamin Lim appealed to witnesses to help police identify the vehicle of Cos would-be abductors.
He ordered the police to put up checkpoints, and urged wealthy city residents to be doubly cautious and report suspicious-looking persons to the authorities.