Davao City (Philippines), Nov 16 (IANS): Two Indian moneylenders were fatally shot in southern Philippines as they were about to leave a trading firm, police said.

Manjeet Singh, 27, and Sukhinder Singh, 26, who were residents of Compostela Valley province, died from gunshot wounds after being attacked at Poblacion village in Agusan del Sur province Tuesday, said Superintendent Martin Gamba, spokesperson of the Caraga regional police office.

The victims were about to leave the premises of a rice trading firm when the assailant fired at them several times with a handgun, Xinhua reported.

The suspect fled on a motorcycle driven by an accomplice. 

The Indians were taken to the Bunawan District Hospital but were pronounced dead on arrival, philstar.com quoted the police as saying.

As many as five spent shells from a .45 pistol were recovered.

The attack took place in an area which is a known stronghold of the communist New People's Army rebels, said mindanaoexaminer.com

Police are trying to determine the motive behind their killing and are probing whether the attack was connected to the victims' money lending business or extortion by rebels. 

The media report said that Indian moneylenders in the southern Philippines have been the subject of numerous complaints due to the high interests they usually charge.

Many customers are small time traders and private employees who rely solely on it.