Onischuk, No. 40 in the world with a 2668 Elo rating, sacrificed a rook for a bishop, a pawn and the initiative to avoid upset at the hands of the 26-year-old Laylo in the third round.
The American GM whipped the Asian Games-bound Laylo in 48 moves and remained unscathed along with five others after three rounds of play in the process.
Second pick GM Zhang Pengxiang of China, No. 5 GM Varuzhan Akobian of the US, No. 6 GM Vladimir Belov of Russia and RP bet GM Joey Antonio came through with separate wins for perfect score after three rounds.
Pengxiang smashed Uzbek IM Tahir Vakhidovs Dutch Defense in 43 moves, Akobian outplayed Dableo in 51 moves of an English Opening, Belov demolished Chinese FIDE Master Zhou Weiqis French Defense in 23 moves, and Antonio trounced Emmanuel Senador in 33 moves of a Bishops Opening.
But the day belonged to So, who shocked Paragua in the second round in the morning matches and then drew with No. 9 GM Eugene Torre in 36 moves of another Bishops opening in the afternoon to lead a five-man group at second place with 2.5 points.
"Hes just fantastic. I hope he becomes a GM," said the 55-year-old Torre, Asia s first ever GM and the countrys perennial top board player in Chess Olympiads, referring to the sensational So.
No. 4 GM Zhang Zhong and No. 13 IM Wang Rui of China agreed to a quick nine-move standoff of a Pirc Defense while IM Richard Bitoon downed Bacolod City pride Hamed Nouri in 35 moves of a Sicilian Rossolimo duel.
Paragua bounced back from a second round loss with a 44-move win over Catherine Perena of yet another Dutch battle to spearhead a big group of two-pointers who included No. 3 Ni Hua and giant-slayers Anthony Makinano and Beverly Mendoza.