(Yicai) July 2 -- The Chinese Embassy in the Philippines has confirmed the kidnapping and murder of a Chinese citizen and a Chinese American in the Philippines. Yicai had earlier learned that the two individuals were senior executives at Chinese medical device companies.

The Chinese Embassy in the Philippines announced today that it received a report about one Chinese citizen being kidnapped in the Philippines and immediately activated the emergency mechanism to carry out rescue work with local authorities. However, the person was ultimately killed.

The embassy also urged the Philippines authorities to step up their efforts in handling the case and apprehend and severely punish the perpetrator as soon as possible.

One of the victims was the international marketing director of Rainmed Medical Group, insiders told Yicai yesterday. The Hong Kong-listed company held a meeting to inform its staff about the news but did not disclose any further details out of respect for the victim's privacy, the insiders noted.

The other victim was the head of a medical device distribution company that supplies major Chinese hospitals, including Fuwai Hospital in Beijing, according to another source.

No official statements have been released by the employers of the two victims yet.

According to online information, the two executives met a person claiming to be an agent from the Philippines at a conference in Europe and then decided to travel to the country to explore business opportunities. However, they were kidnapped upon arrival, making the whole story sound like a setup. Yicai was unable to confirm the veracity of the information.

Editors: Tang Shihua, Futura Costaglione