Police are checking pension houses and other places where the group of suspected robbers from Mindanao are possibly hiding.
The group could still be in Cebu waiting for the right time to leave for Mindanao, Senior Supt. Mariano Natu-el, chief of the Cebu City Police Office (CCPO), said.
Security in seaports and airports were also tightened.
Police theorized that the group on Thursday planned to rob a pawnshop inside a department store in the North Reclamation Area.
The plan however was averted when the suspected robbers on board a Toyota Hi-ace van panicked after seeing a roving police car.
The group was forced to abandon the van they rented from a car rental shop in Mandaue City in the nearby parking lot of SM City.
Police later found out that the vehicle contained firearms after the driver sent by the shop to drive the van escaped.
Edgar Rubite of Drive Safe Rental in Mandaue City told police that his passengers blindfolded him and took over the vehicle.
Found inside the van were seven .45 caliber pistols, two KG 9 Ingrams, a hand grenade, tools and two traveling bags.
Rubite identified one of the passengers as Aylong Parojinog of Ozamiz City.
Parojinog has pending arrest warrants for robbery cases in Makati, Manila and Ozamiz, according to the police.
Natu-el said banks and monetary institutions were advised to tighten their security measures after last Thursday’s incident.
Aside from Parojinog, Natu-el said they have also identified the man who went to the car shop to rent the van.
Natu-el said they are not discounting the possibility that the group is financed by politicians and that the loot will be used for the coming May 13 elections.