Balbona, the only undefeated player in the seven-round Swiss system contest, posted a total of 6.5 points to claim the championship.
Rhenzi Kyle Sevillano, Nikki Sabiquil, Alain Angliongto and Felix Shaun Balbona figured in a four-way tie with similar 5.5 points.
But Sevillano, who subdued John Francis Balbona in the last round, emerged as the second placer by virtue of a superior tie-break output of 23.5 points applying the Bucholz system.
Sabiquil wound up third, while Angliongto and Felix Shaun completed the top five finishers.
Sabiquil capped his campaign with victory over Gerald Miral, while Angliongto outsmarted John Paler.
A total of 42 players took part in the competition supported by Felix Balbona, Mandy Baria and Ramsy Pedroza.
The 9th edition of the Godwin chessfest is set at 10 am on November 5 at the same venue located just behind the Cebu Metropolitan Cathedral.