Bahagwant Singh Buttar, 45 and his wife Jaswinder Kaur, 36, residents of Sipocot town in the province, were killed by two gunmen who were riding a bike, Tempo newspaper reported.
The couple were on their way to somewhere when the gunmen struck, killing them on the spot, police said.
Two suspects, Marvin Magdaong and Rodolfo t Gumatay, have been arrested for their alleged involvement in the incident by the police after a chase in Sitio Nabuntog in Bangas Caves.
Two pistols and live ammunition have been recovered from their possession, police said, adding that a case has been registered.
There have been many attacks on Indians in the Philippines in the past.
The last incident reported in August, when a 26-year-old Indian man, who belonged to Punjab's Phagwara and lived in Santiago city, was shot dead just a couple of months before he was scheduled to get married.
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