MANILA: At least eight people including two policemen were wounded, one critically, when a grenade exploded in front of a lending company a block away from the regional headquarters of the Philippine National Police (PNP) in Cagayan de Oro City in restive Mindanao, police reported on Wednesday.

Senior Inspector Lemuel Gonda of the local police said the explosion occurred at 8:30am on Wednesday in front of the Golden Sun Financing Corporation along the national highway near the PNP regional headquarters in Cagayan de Oro City.

Based on initial investigation, Gonda said an unidentified man planted the grenade at the revolving door of the company and exploded when the security guard opened it for business on Wednesday morning.

Most of the wounded including the security guard, Gonda said, were employees of the company and clients or pedestrians waiting for a ride on their way to work.

In early October, police said that three people were also killed when an improvised bomb planted beside a hotel in downtown Cagayan de Oro City exploded.

However, Gonda said they have yet to establish whether the latest bombing was related to the series of violent incidents arising from a pyramiding or “double your money” scam in Pagadian City also in Mindanao.

The scam was allegedly perpetrated by Aman Future Trading Philippines based in Pagadian and headed by a Malaysian national, identified as Manuel Amalilio, who victimized thousands of investors of about $30 million.

Most of the victims, the National Bureau of Investigation (NBI) said, included provincial and local officials as well as businessmen and ordinary people like retired teachers who resorted to violence and started ransacking the company’s offices when their promised return on investments failed to materialize.

The NBI said they are looking into reports that some of the local officials have invested not only their personal money but also public funds in exchange for the tempting returns promised by the company.