A massive police search is underway in the Philippines for two motorcycle-riding men who shot and killed a New Zealand man in a brazen street robbery that officials fear could scare foreign tourists away.

The 34-year-old tourist, Nicholas Peter Stacey, was fatally shot once in the chest while trying to wrest a pistol from one of the two robbers who held up him and his Philippine girlfriend on Sunday in a suburban street in Manila's Makati financial district, police Major General Jonnel Estomo said.

"We regret to report this incident and extend our sympathy to the bereaved family," Major General Estomo said in a statement, adding he had ordered the police to "leave no stones unturned until the culprits are brought to jail and are prosecuted".

While he described the deadly street robbery as an "isolated incident", Major General Estomo acknowledged it had the potential to frighten foreign tourists.

Police patrols would be beefed up to prevent a recurrence, said Major General Estomo, who heads the Metropolitan Manila police.

"We know that this incident could spark fear among tourists, who plan to visit our country so we will make sure the slain victim will get justice and demonstrate that the police are always ready to provide service," Major General Estomo said in a statement.

The victim's girlfriend, Pamela Gaye Villanoza, told investigators she and Mr Stacey had just arrived in the capital region from a holiday trip in the western island province of Palawan and were walking to a laundry shop in the early hours after midnight when the suspects approached on a motorcycle.

One of them alighted and pointed a pistol at the couple while his companion parked the motorcycle a few metres away.

Mr Stacey grappled with the armed man and was shot and killed, she said.

Before fleeing, the gunman, who was wearing a black shirt and red athletic shorts, took the mobile phone and wallet of Mr Stacey's girlfriend, police said.

NZ man described as 'selfless and well-loved community leader'

Police said investigators would try to match a slug found in the area with slugs recovered from other recent crime scenes in the heavily populated metropolis to try to identify the suspects and assess how they operated.

Mr Stacey's family back in New Zealand has started an online fundraising effort to repatriate his body.

On the Givealittle post, Mr Stacey was described as "a selfless man" who always put others first, volunteering extensively with his local church group and community.

"Nick was generous with his time and resources and always acted with integrity," the post said.

"He loved to serve and was a well-loved kid's church leader … and was always first to volunteer when help was needed.

AP/ABC