Police Officer 2 Marianito Agas, officer-on-case, identified the victims as Evelyn Lumanlan, 43; Merlino Palana, 25; Jonathan Felix, 24; Marites Montayre, 29 and her three-year-old son Jordan.
All are residents of Barangay Maricaban, Pasay City. They were rushed at the San Juan de Dios Hospital for treatment.
Agas said the victims were hit by stray bullets when the vans security personnel shot it out with the suspects.
The van, owned by the Total Security Agency, was waylaid at around 6 p.m. along San Agustin Street in Tramo.
Initial investigation that the van tried to get away from a traffic buildup on the Tripa de Gallina Bridge in Pasay by taking San Agustin street.
There, the suspects on board three motorcycles opened fired at the vans wheels.
The armed guards returned fire, leading to a brief firefight that left five bystanders wounded.
The suspects failed to get the vans cash, which came from a Philippine National Bank (PNB) branch.
On board their motorcycles and a back-up Nissan Exalta, the suspects fled toward the Tramo area.
A roving teller, the security escorts and the driver of the armored van were unhurt.