The four gunmen gave themselves up after being assured of their safety, said Mayor Strike Revilla of Bacoor township in Cavite province near Manila.
Provincial police chief John Bulalacao said no one was hurt during the attempted robbery and the subsequent hostage-taking. He said the gunmen held five employees, including the security guard, and one depositor.
He said the gunmen barged into the Masuwerte Rural Bank of Bacoor after overpowering the security guard and taking his shotgun and pistol.
Regional police chief Gil Meneses said police officers nearby immediately went to the scene, preventing the gunmen from fleeing.
“They were trapped in the bank,” he said.
Police commandoes surrounded the bank on the ground floor of a two-story building and snipers were positioned on nearby buildings.
Bulalacao said the gunmen had demanded a getaway vehicle and to speak with the media.
Instead, the police negotiator showed them the identification cards of two radio reporters at the scene and this helped calm the situation, he said.
The men first freed a bank bookkeeper before surrendering and releasing the rest of the hostages.
