Senior Superintendent Eugene Alcovindas, Masbate police director, identified the fatalities as Palmario Martinez, 56, and Dominico de la Casa, 43, resident manager and supervisor, respectively, of Hacienda Batuan, managed by Bobby Honasan.
Two other supervisors of the hacienda, Rodrigo Grutas, 54, and Sadire Martinez, 34, were wounded.
Alcovindas said the four were en route to a corral in Barangay Gibraltal yesterday morning when their truck hit a landmine in Sitio Biton, Barangay Aroyroy. About 40 rebels then fired at the group with automatic rifles.
Alcovindas cited reports that workers of the hacienda had sought the help of the NPA "to address their grievances" against the farms management.
"We have sent a team of police officers to investigate and beef up security around the farm," he said.
Batuan is one of the towns on Ticao Island, which can be reached by one to two hours of sea travel from Masbate City.
NPA rebels also attacked the joint command post of the 5th Regional Mobile Group and the Bravo Company in Barangay Burgon in nearby San Jacinto town, about 10 to 15 kilometers from Batuan, but later withdrew after a brief firefight.
Brig. Gen. Arsenio Arugay, commander of the Armys 901st Infantry Brigade, said they took over operational control of Masbate from the Visayas Command last June 20.
The Armys 2nd Infantry Battalion under Lt. Col. Benigno Santiago and the 52nd Civilian Armed Auxiliary are leading the anti-insurgency campaign in Masbate.
"I cannot understand why the NPA does not abide by the provisions against the use of landmines of the Comprehensive Respect for Human Rights and International Humanitarian Law," Arugay said.
"The terrorist organization does not respect international agreements and (it) deserves the terrorist tag," he added.
Earlier this month, President Arroyo ordered the military to wipe out the 7,000-strong, 37-year-old Maoist insurgency within two years, although officials had estimated it would take six to 10 years.
The military released figures last Wednesday showing that 104 soldiers and 87 rebels have been killed in encounters this year.
But Armed Forces chief Gen. Generoso Senga said the military was winning the war.
"The figures dont mean that we are losing. In fact, based on our order of battle, the insurgency movement is not gaining strength," he said.
He said the military suffered more casualties because the rebels were attacking government forces even while they were on "humanitarian or non-combat missions."
The rebels suspended Norwegian-brokered peace talks with the government two years ago, mainly to protest the refusal of the Arroyo administration to ask the United States and the European Union to remove them from terrorist blacklists. With Jaime Laude