Chief Superintendent Mario dela Vega says two bank tellers with two security escorts were delivering money to a foreign exchange shop at Robinsons Galleria mall Thursday when the robbers attacked.
The shooting sent customers inside mall restaurants fleeing.
One of the guards died of wounds and three bank personnel and three other people were hurt.
The robbers fled on a motorcycle. It wasn't immediately clear if they took the money.
Dela Vega says police will review CCTV tapes to check initial accounts that the gunmen pretended to be bank guards to gain entry to the mall.