Manila: A motorcycle-riding gunman shot dead two Indian nationals in the southern Philippines, police said.

Manjeat Singh, 27, and Sukhinder Singh, 26, businessmen and resident of Nabunturan, Compostela Valley Province, were on a motorcycle when two motorcycle-riding men shot them several times near the Espina Rice Mill at 6:30 Tuesday morning, Regional Police Spokesman Martin Gamba said in a belated report on Wednesday.

The assassins were 20 metres away from the two Indian nationals when the shooting occurred, Gamba said, adding the victims were rushed to Bunawan District Hospital where they were declared dead on arrival.

The killers escaped to an unknown direction, said Gamba, adding that investigators recovered from the crime scene five bullet shells from a .45 calibre pistol.

Indian nationals engaged in small-time money lending business. Recently, they have been targeted by unknown assassins.

Earlier, Filipino-Chinese businessmen have been targeted by criminals for the former's willingness to pay kidnappers' ransom demands.