Navjot Singh, 26, was shot twice in the chest and declared dead on arrival at a local hospital. His associate Lakhwinder Singh, 33, was shot in his arm, Vox Bikol newspaper reported.
Both Indian nationals are residents of Naga City. The shooting occurred on January 6, when they had gone to a rural area of Calabanga town to collect loan payments from clients.
Police said two unidentified motorcycle-borne gunmen were waiting for the Indians near a store in the area. Officials said no cash was taken from the Indians.
The Bureau of Immigration in Naga City said it had no records for Navjot Singh, who was described as an "unverified Indian national".
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Late last year, the local police director had contacted the Bureau of Immigration to discuss a series of armed robberies in which Indian nationals were the victims.
Officials said Indian nationals targeted in several armed robberies and shootings were "uncooperative" with police investigators.
Reports have indicated that Indian nationals "have masterminded armed robberies and shooting of fellow Indians because of reported business rivalries", the report said.