MANILA (2nd UPDATE) - A businessman was shot dead at the entrance of a hotel at the Subic Bay Freeport Zone on Wednesday night, police said.

Dominic Sytin, founder and chief executive officer of United Auctioneers Inc. (UAI), sustained a gunshot wound in the head, according to an initial report.

Sytin's bodyguard was also shot and was rushed to a nearby hospital.

PO1 Arnold Cipriano of the Olongapo City police said the incident took place past 8 p.m.

Witnesses said the gunman shot Sytin in the head and casually walked back to a motorcycle driven by an accomplice before the 2 assailants fled.

#UAAPSeason81 - you’re one of the reasons we’ll keep on fighting.

Rest in peace and thank you @UaiAuction CEO, Dom Sytin! #UPFight

— UP Lady Maroons (@UPWVT) November 28, 2018

The Lady Fighting Maroons, the women's volleyball team of the University of the Philippines, offered their condolences to Sytin's family.

"You’re one of the reasons we’ll keep on fighting. Rest in peace and thank you @UaiAuction CEO, Dom Sytin!" they wrote on Twitter.

Sytin's company is a corporate sponsor of the volleyball team.

UAI is one of the country's biggest auction firms. It has sold over 125,000 units of various industrial, transport, and construction machines to over 48,000 foreign and local buyers.

Sytin founded the auction company in 1998, according to an April 2017 feature in CEO Magazine.

He was an alumnus of UP with a double degree in business administration and accountancy. - with reports from Raoul Esperas