Daniel,
The way I read it, before your 59 day visa is about to expire, go to the main BI office in Manila to apply for your 6 month long stay tourist visa extension if you do not want to do the every 2 month visa extensions and pay the appropriate fees for the first 6 months, which also includes your ACR I-Card good for 1 year! That is the purpose of this LSVVE Program so that you won't have to go back to Manila BI office every 2 months and can stay up to 36 months continuous as long you continue to apply for your visa extension every 6 months!
IMO the 16 month visa cap you call it does not apply here, only for the every 2 months visa extensions! Don't associate, combine or get confused by the two visa extension schemes!