The incident occurred along A. Mabini Street at around 5 a.m. on Tuesday, May 26.
CCTV footage showed the suspects—some with their faces covered—removing the manhole cover and pulling out several meters of cable.
They then dragged the cables toward a nearby alley.
Some motorists were briefly forced to stop after the suspects pulled a cable across the road.
Police said three of the 10 suspects have already been identified and are believed to be from nearby barangays.
Authorities are waiting for a representative of the telecommunications company to file a complaint.
Police said this was the fourth reported cable theft incident in the area since March.
Investigators are still identifying the other suspects.