MANILA, Philippines—(UPDATE) Robbers took P2 million worth of gold from a shop in Baguio City Wednesday morning, a police official said on Thursday.

Chief Superintendent Orlando Pestano, Cordillera region police director, said the incident occurred in broad daylight shortly before 10 a.m. in Number 57 Crystal Cave at Bakakeng Central.

Armed men stormed a shop there, held the owner at gun point, and took several gold jewelries before fleeing using the victim's L-300 van, Pestano said.

Police later found the van abandoned somewhere in Sto. Nino, Bakakeng.

At 5 p.m., police arrested a certain Nero Mocyat Melecio of Benguet, believed to be one of those responsible for the robbery.

Upon inventory, police noted lost items include 900 grams of pure gold, 3.4 kilos of raw materials, and a licensed caliber 40 pistol, Pestano said.

He added that police are still looking for four other suspects.