Reynaldo Lim, 48, an entrepreneur, was inside his store on Magsaysay street in Barangay Poblacion when two men casually approached him and opened fire, said Senior Superintendent Eugenio Alcovindas, Masbate police director.
The assailants immediately boarded a motorcycle and sped off toward Placer town.
Alcovindas said Lim was shot in the left chest and died while he was being rushed to the Cataigan Emergency Hospital.
Probers found a spent shell, a slug and two live bullets from caliber .45 pistols at the crime scene.