Gunmen seized a Chinese-Filipino businessman inside his store Monday afternoon in this southern Philippine city, officials said Tuesday.

The victim, Nestor Tay, was taken by two of five armed men at gun point from his New Asian Marketing establishment along Don Rufino Alonzo Street around 5:00 p.m., said Army Colonel Ernesto Aradanas, commander of the military's 603rd Brigade.

Witnesses saw the kidnappers clad in fatigue uniforms arrived at the scene and then disarmed two security escorts of the store before going to the office of their primary target, Aradanas said.

Kidnappers ordered store workers to duck while they were dragging Tay into a waiting getaway L-300 van and sped off towards unknown direction.

"It's not true we responded to the scene late. When a store phoned us, our men were on their way," Aradanas said.

Gunmen were armed with rocket-propelled grenades and automatic assault rifles, police said.

Japal Guiani Jr., mayor of this city, said Tay's captors' vehicle was recovered by police and military.

"Let's look at two sides. Why it happened? Some people involved in the kidnapping have already been identified. We will do everything to recover the victim," Guiani Jr. said.

No group claimed responsibility for the incident.