Paragua, who will turn 23 in March, continued to perform poorly as he dropped from 2587 last October to 2573 when the International Chess Federation (FIDE) releases its quarterly rating list on Monday.
It marked the third straight quarter that Paragua lost rating points after peaking to 2621 last April, the highest rating achieved by a Filipino.
Paragua dropped 14 points heading into July for 2607, conceded 20 more in October for 2587 before his rating plummeted 16 rungs this quarter.
GM Joey Antonio improved from 2550 to 2551 to overtake GM Eugene Torre at No. 2.
The 55-year-old Torre, who has manned the top board in the Olympiad for more than three decades now, plunged from 2552 to 2547 to slide to No. 3.
United States-based International Master Rogelio Barcenilla Jr. was idle at fourth spot with a 2503 while IMs Joseph Sanchez and Oliver Dimakiling shared No. 5 with 2481 apiece.
GM-candidate Darwin Laylo, who headed the country’s botched attempt in the 15th Doha Asian Games early this month, jumped from No. 9 (2448) to No. 7 (2476), thanks to a 28-point improvement this quarter.
IM Jayson Gonzales likewise leapt from No. 14 (2418) to No. 8 with 2458, courtesy of 40-point improvement the last three months.
The biggest gainer was newly installed IM John Paul Gomez, who skyrocketed from No. 26 (2387) to No. 10 (2455) after a whopping 68-point improvement.
Wunderkind IM Wesley So also gained some headway as he strode from joint No. 19 with Rolly Martinez (2411) to No. 12 (2451).
So, 13, is one of a group of aspirants seeking to join the ranks of an elite group of GMs like Paragua, Antonio, Torre, Bong Villamayor and Nelson Mariano II.
Shercila Cua stayed as the No. 1 RP lady chesser with 2229 ahead of Catherine Perena, Sherrie Joy Lomibao and Beverly Mendoza with 2227, 2188 and 2166, respectively.