Ranjeet Singh was found dead on Sunday in Zamboanga City with bullet wound to his temple.
Police found a snub nose caliber .38 revolver with an empty shell inside the cylinder and a motorcycle near victim's body, Sun Star reported.
Police said they were eyeing either suicide or business rivalry as the motive for his death.
Zamboanga City police officer-in-charge Angelito Casimiro said the suicide angle "will be part of the investigation" as the security guards detailed in the two nearby areas did not notice anyone running away where Singh's body was found.
"We are still waiting for the objective evidence from the crime laboratory before we can lock in on the motive," he said.