Reyes, who swept his first round assignment in emphatic fashion, sustained his romp in the second phase of the round-robin tournament among six players, winning four and dropping one to lead the 60 players who survived the daily elims in various groups.
Despite his loss to Reyes in the first match in Group 45, Bustamante racked up four straight victories to join Reyes and Dee Atkins into the third round where the surviving 60 players are already assured of $10,000.
Fourth round action will have the 60 players divided into 12 groups of five players each with the top three finishers advancing to the next round.
Seven other Filipinos advanced to the third round of the event, which offers $350,000 to the winner, including former world 9-ball champion Alex Pagulayan, Marlon Manalo, Dennis Orcollo, Ronnie Alcano, Rodolfo Luat, Antonio Lining and Fil-Am Santos Sambajon.
Pagulayan bounced back from a 0-8 loss to Sam Monday in Group 42, winning two of his last three games to salvage a spot in the next round with three points in a tie with Monday. Nick Varner topped the group with five wins.
Manalo won his first four games before dropping a 4-8 setback to Quinten Hann although he safely made it to the third round in Group 46, while Orcollo dropped a close 7-8 decision to Alcano but swept his last four to finish tied for first with Corey Deuel and Alcano in Group 48.
Luat won four of his five games while Lining beat Brian Grace in the fifth game, 8-6, then nipped Brian Groce in the tiebreak to clinch the third and last spot in Group 53.
But it was Sambajon, who produced the most impressive win, sweeping his five games to top Group 57.
Meanwhile, Reyes braces for a tough outing in the third round as he is grouped with fancied Earl Strickland, Marko Lohtander, Gary Abood and Raj Hundal, while Bustamante is bunched with Deuel, Hann, Karl Boyes and Ronnie O’ Sullivan.