The Makati Police Department (MPD) identified the fatality as Dovely Joy Coquilla, 21, of Pasay City.
Remigio Coquilla, of the Pilipino Star Ngayons advertising department, is now being treated at the San Juan de Dios Hospital.
The couple was on board a motorcycle (UB-7177) traveling northbound on the Magallanes flyover when they were hit by a Five Star bus (TVW-158) bound for Cubao.
Coquillas wife was thrown off the motorcycle and died from head and body injuries.
Police are now hunting the bus driver identified as Juanito de la Cruz, who fled the scene after the accident.
De la Cruz faces criminal charges of reckless imprudence resulting in homicide and serious physical injuries.
Flight, one police officer said, is evidence of guilt and will definitely strenghten the case filed against him with the Makati City Prosecutors Office.
Traffic investigators are now trying to locate De la Cruz with the help of the bus company. Five Star Lines is expected to shoulder the burial and hospital expenses.
Police Officer 3 Marvin Domingo has been tasked to handle the case.