Police officers rescued an Indian businessman a day after he was kidnapped by four unidentified gunmen in the Philippines, a provincial police chief said Friday.

Remmi Kumar Chonkria, 33, was rescued Thursday during a police raid on his abductors' hideout in San Pablo City in Laguna province, 75 km south of Manila, Senior Superintendent Manolito Labador said.

Labador said the kidnappers were able to escape the raid but were being pursued.

Chonkria was seized Wednesday along a highway in San Pablo City while riding his motorcycle.

A few hours later, the kidnappers called Chonkria's cousin and demanded 20 million pesos ($436,000) for his release.

The victim's relatives immediately sought the help of police, who were able to locate the hideout of the kidnappers in a farm not far from where Chonkria was seized.