Dizon returned one of two two-under-par 70s which proved to be the best for the day and put himself on the brink of a big victory at the same course where he earned his first major title two years ago.
With a 212 aggregate for 54 holes, Dizon wrested the upperhand from Southwoods bet Juami Rocha who made a costly three-putt bogey on the 16th en route to a one-over 73 that pulled him to second at 214.
There was another player at 214, a name so big the title chase suddenly turned very interesting -- reigning national amateur champion Angelo Que, who shot a 71.
Jun Bernis picked up from where his more celebrated Canlubang teammate Juvic Pagunsan left off, firing a 71 to be at 215 while Cookie LaO was four behind at 216 after a 74.
Pagunsan never got to check his putting woes and the two-time defending champion appeared to have surrendered his bid after a four-over 76 that left him seven down in 10th place at 219.
Carmelette Villaroman, meanwhile, maintained a four-stroke lead over newly-crowned Philippine Ladies Open winner Heidi Chua.
Villaroman, winner the past two years like Pagunsan, followed up her opening 72 with a 74 for 146 while Chua regained lost ground with a 72 for a 150 total.
"I’ve been playing well lately I know I can give myself a good chance of winning," said Dizon who is coming off a disappointing 2001 when he was bugged by back problems.
The back’s well and Dizon is back in the title hunt.
Dizon, who won the Canlubang Amateur Open two years ago, played the first 15 holes at three under with birdies on the third from 15 feet, the 12th from eight feet and the 14th with a tap-in.
Rocha felt he played according to his "conservative" game plan but vowed to play more aggressive today.
"I was very conservative today. It was what I planned today and I really stuck to it," he said.