Amandeep Kour Singh, 28, was shot in the head by unknown gunmen while he was collecting money he lent out to a store owner in Zamboanga city in southern Philippines, Mindanao Examiner reported.
A medical response team took Singh to the hospital, police said, adding a bullet casing of a .45-caliber pistol was recovered from the scene.
The motive of the attack is still unknown, but Singh was the second Indian shot in two weeks in Zamboanga, notorious for its unabated gun attacks blamed on hired killers.
Singh, who was also engaged in money lending, had come from his cousin's house and was heading home, when the attack occurred.