Senior Superintendent Alex Paul Monteagudo, Nueva Ecija police director, identified the fatalities as Eusebio Espino, Rafael Castillo and Teodoro Ramos, chairmen of Barangays Bagong Sikat, Valle, and Bugtong na Buli, respectively.
The three all died on the spot from multiple gunshot wounds from a Carbine caliber 30 automatic rifle.
Wounded were Marlon Mamuyak and Danny Damacio, chairmen of Barangays Kabubulakunan and Caputikan, respectively.
Senior Inspector Rogarth Campo, Talavera police chief, said the suspect, Benny Martin, son of slain barangay chairman Agripino Martin, grabbed the rifle and fired at his fathers colleagues who were attending the wake in Barangay San Isidro.
The elder Martin was gunned down by four men last week.
SPO3 Ricardo Flores, the chief investigator, said the young Martin was himself gunned down by barangay chairman Servando Santiago, who came to the aid of his colleagues. Santiago gave himself up to the police.