The Rain or Shine Elasto Painters are a professional basketball team in the Philippine Basketball Association owned by Asian Coatings Philippines, Inc. It debuted in the league in the 2006–07 PBA season after acquiring the franchise rights of the Shell Turbo Chargers in 2006, which disbanded after the 2004–05 PBA season. From 1996 to 2006, the franchise played in the Philippine Basketball League, carrying the name Welcoat House Paints, Welcoat Paintmasters and the St. Benilde-Rain or Shine Elasto Painters, winning a total of six championships. Beginnings Philippine Basketball League (1996–2006) The Rain or Shine Elasto Painters debuted in the Philippine Basketball League in 1996 as the Welcoat Paint Masters. Its first championship came in the 1999 Challenge Cup, winning 3–0 over Red Bull Energy Drink. Welcoat was considered as one of the two teams to enter the PBA before the 2000 season but lost out to Red Bull. Since then, the Paint Masters won five more championships, fielding in the best amateur and former Metropolitan Basketball Association players available, most notably Don Allado, Renren Ritualo, Yancy de Ocampo, Rommel Adducul, Ronald Tubid, James Yap, Paul Artadi, and Jay Washington. One of its biggest rivals from 2000 to 2002 was Shark Energy Drink, with PBA players Chester Tolomia (later joined Welcoat in 2004), Roger Yap, and later Rain or Shine member Gilbert Malabanan, as both teams engaged in four straight finals series, splitting both series in the process. In 2005, Welcoat changed its name to Rain or Shine Elasto Painters, one of the products of their parent company, Welbest. The Elasto Painters made it all the way to the finals of the Heroes Cup against Magnolia. After leading the series 2–0, Rain or Shine suffered one of the biggest collapses in league history as the Wizards won the series in five games. In the 2006 PBL Unity Cup, the Elasto Painters were swept in the semifinals by the Toyota-Otis Sparks to end their four consecutive finals appearance, but placed third in a one-game playoff against Montaña Pawnshop on June 8. Prior to the start of Game 3 of the Unity Cup title series between Harbour Centre and Toyota-Otis on June 13, 2006, the league awarded the team with the Dynasty Award for their 10 years of success in the league. Several past and present members of the Welcoat franchise were on hand, as they brought their six championship trophies during the