ZAMBOANGA CITY, Philippines - Abu Sayyaf gunmen freed their captive Chinese-Filipino businessman Thursday night following negotiation in a remote village of the southern Philippine province of Sulu, police said Friday.

The victim, Nelson Lim, 56, was released to Jolo town Vice Mayor Edsir Tan about 11:30 pm Thursday, according to Sulu Police Provincial commander Senior Supt Antonio Freyra.

Freyra said they were investigating reports that monetary "token" was allegedly paid following the day-long negotiation for the victim's safe return to his family.

The victim was immediately reunited by Vice Mayor Tan to his family after he was given medical check-up.

Police have identified the Abu Sayyaf group as behind the abduction of Lim, owner of the Plaza Panceteria and Times Hardware based in downtown of Jolo, capital of Sulu. Lim was abducted on April 29.

Abu Sayyaf initially demanded a ransom of five million pesos ($117,371). His family declined to cooperate with the authorities following threats from the kidnappers.

Police authorities said the release of Lim has left four other kidnap victims who are separately held by the Abu Sayyaf militants. The victims include Indian national Biju Kollaraveettil, Malaysian Mohammad Saiddin, and two Filipino fishing boat crew who were abducted separately in the past four months in Sulu.

The Abu Sayyaf, active in southern Philippines, was founded in the 1990s and has perpetrated a number of high-profile attacks, including kidnapping, bombing and beheading.

The Philippine military estimates the Abu Sayyaf, which has links with external terrorist organizations such as al-Qaida, currently has less than 400 members.