COTABATO -- Police have intensified manhunt for gunmen wearing fatigues who seized a businessman in southern Cotabato City Monday afternoon.

Chief Inspector Alden Panganiban said at least six gunmen barged into a hardware store owned by Nelson Tay on Monday. The gunmen disarmed the security guards and dragged Tay at gunpoint to a waiting van.

Witnesses said the men were armed with rocket-propelled grenades and assault rifles.

No one has claimed responsibility, and police said they have no suspects.

Kidnappings for ransom are common in Cotabato, where criminal gangs and Moro rebels operate. Last year, a gang that includes former Moro rebels and local gunmen snatched for ransom at least five people. (AP/Sunnex)