Two children were killed in a big fire at a residential areas in Makati city in Philippines\' capital region early on Sunday, local media reported. More than 500 shanties were razed in the fire, leaving 2,000 families homeless, radio dzBB reported. The bodies of the two victims, aged 4 and 6 respectively, were found after the fire was put out. Initial investigation showed the fire broke out at midnight and spread quickly to a larger area as many buildings were made of wood and light materials. Manila is one of the world\'s biggest cities with a population of 14 million, about 35 percent of whom live in slums where they are highly vulnerable to fires.