MANILA, Philippines - Police on Friday confirmed that a Bacolod City businessman abducted last week has been released by his kidnappers.

Chief Superintendent Leonardo Espina, Philippine National Police spokesman, confirmed that car trader Jason Chua has been released.

Espina said Chua is in good physical condition, but refused to divulge information about his release. The victim's family has also remained silent about the abduction.

A police source told ABS-CBN Negros that Chua was abandoned by his kidnappers in Toledo City in Cebu province around 2 a.m. on Wednesday.

Reports said kidnappers demanded P20 million in exchange for the release of the victim. There were speculations that Chua's family paid the ransom, which local policemen refused to deny or confirm.

Chua was abducted while travelling on a mountain bike with 3 companions in Hacienda Michelle, Barangay Dulao in Bago City, Negros Occidental last Friday morning.

Police said 4 unidentified gunmen on board a silver gray Toyota Grandia van fired at the group before forcibly taking Chua. One of the victim's companion, Joel Arroyo, was injured.

Espina said follow up operations are being conducted for the arrest of the kidnappers. -- Report from Nico Delfin, ABS-CBN Negros