George Vigo, 40, and his wife, Mazel, 39, were walking home from a public market when the hooded men drove by and shot them repeatedly in the head and other parts of the body with pistols, said Superintendent Danny Reyes, city police chief.
The two had worked part-time as journalists and had been involved with left-wing student groups.
Investigators were trying to identify the attackers and determine the motive for the attack.
It was hard to say whether the attack was linked to the victims work as journalists, Reyes said.
Mazel Vigo most recently worked for North Cotabato Rep. Lala Taliño Santos and was an anchorwoman of a weekly radio program, Kalihokan sa Kongreso (Movement from Congress), which dealt with community development issues, police said.
Her husband was a freelance journalist who had contributed stories to local newspapers and the Union of Catholic Asian News, a privately owned Asian news agency dealing with Catholic Church issues.
He was also involved as a community organizer of the Community Family Services International, which is helping civilians displaced by armed conflicts in the South, officials said.
George also hosted a radio program, Tingog sa mga Kabatan-onan (Voice of the Youth), on Catholic-run radio station dxND.
Reyes said the Vigo couple had received death threats from unknown persons although he was uncertain if they were personal or job-related.
Jun Alave, Marcels younger brother, said the attack seemed to have been "carefully planned" and could be related to the spate of killings of journalists and activists across the country.
In a statement, North Cotabato Gov. Manny Piñol extended his condolences to the Vigos families, especially to Marcels parents whom he considers distant relatives.
International and local media watchdogs have expressed alarm over the growing number of journalists killed in the country and asked the government to investigate and capture the killers.
Left-wing groups have also denounced a series of killings of activists.
President Arroyo has ordered the police to investigate the killings and arrest the perpetrators. Ramil Bajo, John Unson, Cesar Ramirez