Paragua and Dimakiling split their standard and blitz games to set up the playoff match, which the former won with the black pieces.
The 21-year-old Paragua faces fellow GM Joey Antonio in todays semis while Richard Bitoon and Ronald Dableo dispute the other finals slot in a duel of two of the countrys top IMs.
The champion will receive P80,000.
Like Paragua, Antonio survived a youthful opponent, overcoming anxious moments before defeating 12-year-old FM Wesley So in their own side of the duel.
Bitoon posted the worthiest win so far in the tournament, humbling top seed GM Eugene Torre in two games to arrange a clash with Dableo, who booted out NM Andrew Vasquez, 1-5.0-5.
Bitoon stunned Torre in 53 moves of Pirc Defense in their first game then followed it up with a 42-move triumph in the second. Dableo, on the other hand, halved the point with Vasquez before essaying a 27-move triumph in their Caro Kann encounter in the Game 2.