Philippine police rescued an Indian businessman on Tuesday after a raid and gunfight at a house east of Manila that left one suspected abductor dead.
Gunmen had seized moneylender Karnail Singh Chahal on Monday near his home in suburban Marikina city and demanded 5 million pesos ($94,000) as ransom, Metropolitan Manila police chief Vidal Querol said.
Three other suspected abductors, one an Indian citizen, were arrested on Tuesday after the gunbattle in Rizal province's San Mateo town, 20 kilometres northeast of Manila.
Querol said the three suspects detained were undergoing interrogation.
Last week, abductors freed unharmed a 49-year-old Chinese-Filipino businessman, who had been abducted in Manila's Chinatown district on January 12, after his family reportedly paid a ransom.
Officials said police were continuing to track down the Chinatown abductors, believed to be rogue police officers.
President Gloria Macapagal Arroyo ordered police to curb kidnappings, which have mostly targeted wealthy ethnic Chinese, and have been cited as a factor driving away foreign investors.