Graham Marsh of Australia bogeyed the final hole for a 70, leaving him a stroke back, along with Jack Kiefer.
Kite, whose four-under 68 tied for the second-best round of the day, was at five-under-par 139, one stroke ahead of Graham Marsh.
Isao Aoki finished one stroke behind Hill, and Graham Marsh was another stroke back.
Australia's Graham Marsh was a stroke back after a 66, missing a three-foot birdie attempt on St. George's closing hole.
Graham Marsh, who started the day at two under, matched Bland's best round of the day and finished at 208.
Bob Charles was next at 66, followed by Graham Marsh at 67.
Boracay is the site of a 18-hole par 72 golf course designed by Graham Marsh.
The bogey-free round matched the tournament record set last year by Graham Marsh.
Not since Graham Marsh in 1997 has the third-round leader of a Senior Open gone on to win.