The Chinese- Filipino trader seized by gunmen in the southern Philippines is alive, a state police official said on Tuesday.
The kidnappers holding Yuloyu Lim Yu, 56, owner of Yuking Guan in Hardware in this southern city, phoned their captive's family on Monday, said Felicisimo Khu, chief of the Southeastern Mindanao police.
Khu said gunmen lowered their ransom demand in exchange for the freedom of the victim. The kidnappers were asking before some 50 million pesos (1.1 million U.S. dollars) from the victim's family.
"Mr. Yu was allowed to talk to his wife. The ransom demand was lowered according to the family but as much as possible we will strictly implement a no ransom policy," Khu said.
On Jan. 8, Yu was kidnapped by six armed men in front of hotel here. He was forcibly dragged at gunpoint to a waiting getaway vehicle.