MANILA An abducted Greek shipping executive has been killed by his captors while two Filipino kidnap victims were safely rescued by government agents in a separate incident, AFP reported on Saturday.

The body of Felipo Orfanos, 62, was found ditched in a canal in the village of Maybakal in Morong Town, a suburban area east of Manila, Hermogenes Ebdane, chief of the presidential anti-organized crime task force, said.

The victim's body bore several bullet wounds and forensics experts believe Orfanos had been dead for three days before his body was discovered on Friday.

Ebdane said task force agents have arrested a man in connection with the murder and said Orfanos may have been killed after his family failed to raise a ransom demand of five million pesos ($106,382).