2008–2009 season In 2008, a new name was introduced for the team –
Rain or Shine Elasto Painters. At the
2008 PBA Draft held at Market! Market!, Taguig, the team drafted
Gabe Norwood of
George Mason University as the first overall pick. In the 2nd round, the Elasto Painters grabbed point guard
Tyrone Tang of
De La Salle University. 24 hours after the draft proper, the team traded 2007 first overall pick Joe Devance and their 2009 and 2010 second-round picks to the
Alaska Aces in exchange for Alaska's 2009 1st-round pick, number five overall
Solomon Mercado, and veteran
Eddie Laure. They defeated
Air21 on their first game of the 2008–2009 Philippine Cup, 120–102 to spark a surprise showing at the
2008-09 PBA Philippine Cup. The Elasto Painters were aiming for a semifinal berth when they were defeated by the eventual champions
Talk 'N Text Tropang Texters in the elimination round. With a record of 10–8, they faced the defending champions
Sta. Lucia Realtors in the quarterfinals where they were swept 2–0 in the best-of-3 series, with Norwood and Mercado being ejected in Game 1. Their 10-win record surpassed their best performance in a season. During the Fiesta Conference, the Elasto Painters took import
Charles Clark but was soon replaced by heavyweight
Jai Lewis, a former college teammate of Gabe Norwood. Ace play-maker Sol Mercado got injured before their quarterfinals game with Purefoods. Despite a depleted lineup, the Elasto Painters defeated
Purefoods led by Gabe Norwood and point guard Tyrone Tang in the absence of Mercado. Tang made a three-point shot to take the lead with 31 seconds left, they won and made it to the semifinals for the first time in franchise history. They were then eliminated by the
Barangay Ginebra Kings in the semifinals.
2011–2012 season In the
2011 PBA Commissioner's Cup, they made the franchise best start, 3–0 under
Yeng Guiao. In the
2011-12 PBA Philippine Cup, they finished 9–5, 5th place because of an inferior quotient on
Ginebra and
Petron. They swept the
Barangay Ginebra Kings, 2–0 to advance to their 3rd semifinals appearance. They faced the 8th-seeded
Powerade Tigers who eliminated the top-seeded crowd favorite
B-Meg Llamados but they are eliminated, 3–4.
2012–2013 season The team made history during the
2012 PBA Commissioner's Cup by signing the Croatian center
Bruno Šundov. He served as a center in
Croatian basketball team and was the first European player to play in the league. In the
2012 PBA Governors Cup, they found their franchise best start, 4–0. They won 107–100, 100–94*, 106–92 and 93–90 over
Alaska Aces,
B-Meg Llamados,
Air21 Express and
Barangay Ginebra Kings on
Paul Lee's winning triple 2.6 seconds remaining but lost on archrival Powerade, 98–104. • Rain or Shine won via
overtime. They made their first final appearance after winning against
B-Meg Llamados at a very crucial game, 92–82, under the leadership of coach
Yeng Guiao on 2012
PBA Governor's Cup, though after that loss, B-Meg would win in a do-or-die game against the
Barangay Ginebra Kings for the remaining slot for the finals. On their debut game for the 2012 Governor's Cup, the Elasto Painters won a very physical game against B-Meg Llamados 91–80. The team had a loss on Game Two where their rookie,
Paul Lee, re-injured his left shoulder 80–85. Even without Paul Lee, the team bounced back on their third and fourth games, 93–84 and 94–89, respectively, to lead the series 3–1. However, the team lost both Game 5 and 6 with B-Meg forcing a winner-take-all Game 7. On August 5, 2012, the six-year-old franchise won their first Championship title after handing B-Meg an 83–76 game loss. The undermanned team led by coach
Yeng Guiao along with their import
Jamelle Cornley and the local
Jeff Chan, who won the Finals MVP, grabbed the lead early in the third quarter after B-Meg Llamados' import
Marqus Blakely had foul trouble.
2013–2014 season In
2013-14 PBA Philippine Cup they finished the eliminations in 2nd place of the standings. They beat
GlobalPort Batang Pier in the quarterfinals in one game. They also beat
Petron Blaze Boosters in 4–1 series win in the semifinals, despite coach
Yeng Guiao having suspended in Game 5. They faced
San Mig Super Coffee Mixers in the finals but lost to them in 6 games.
2014–2015 season In
2014-15 PBA Philippine Cup they finished the eliminations in 2nd seed of the standings and they got the automatic semifinals slot as the new format in the Philippine Cup playoffs was changed. They face
Alaska in the Semifinals but lost in 6 games. In
2015 PBA Commissioner's Cup, they chose
Rick Jackson as their temporary import to wait for
Wayne Chism to release from
Hapoel Gilboa Galil of Israel. On February 16, Wayne is now ready to play for Rain or Shine and set his debut on February 20. They finished 1st in the eliminations via quotient system. It is the first time that they finished the top spot since
2012 PBA Governors Cup. They beat
Brgy. Ginebra in a crucial game; 92–91. They swept
Meralco in the best-of-three semifinals to face
Talk 'N Text Tropang Texters in the Finals. They then lost the game 7 in overtime. But in the middle of the Commissioner's Cup, they released their resident import for the Governors Cup
Arizona Reid to play for
San Miguel Beermen to replace
Ronald Roberts. Many fans of Rain or Shine were shocked after they heard the news, because of this, in
2015 PBA Governors' Cup, they chose former
Alaska import
Wendell McKines as their import. They finished 3rd place of the standings, in the Quarterfinals, they beat
Barako Bull Energy in overtime by Paul Lee's layup, but lost to San Miguel in 4 games at the best of five Semifinals.
2015–2016 season In the
2015 PBA draft many analysts in their mock draft choose either chose
Arthur dela Cruz or
Norbert Torres for the third pick, but the team selected
Maverick Ahanmisi, then
Josan Nimes on the 12th pick and
Don Trollano on the 2nd-round pick. In
2015-16 PBA Philippine Cup, they finished 3rd in the standings and advanced to the playoffs, beating
Blackwater in the first phase of the quarterfinals and
TNT in the second phase of the quarterfinals. But they lost to
San Miguel in the semifinals in six games. In the
2016 PBA Commissioner's Cup, they signed
Wayne Chism to be their import for the third time, although Wayne injured his hamstring during the game against
Meralco on February 17, it was doubtful he could play for the rest of the conference. They chose
Antoine Wright to replace Chism but he was replaced by
Mo Charlo on March 8. While approaching the playoffs, they chose
Pierre Henderson-Niles to replace the undersized Charlo to match-up against their possible opponents in the playoffs including
Greg Slaughter and
June Mar Fajardo. With Henderson-Niles, a 6'8" center to help the team as an inside presence in the paint, they finished 5th place in the standings and swept Ginebra in the quarterfinals and finally beat
San Miguel in 4 games at the best-of-five semifinals. They faced the
Alaska in the finals and finally they won their 2nd championship in their franchise history in 6 games which
Paul Lee was named Finals MVP. In the
2016 PBA Governors' Cup, they selected
Dior Lowhorn as their import, then after losing back to back games in the middle of the conference, they signed
Jason Forte to replace Lowhorn in September. After two games, he was replaced by
Josh Dollard. Rain or Shine then failed to gain the last spot to qualify to the playoffs after losing to
Phoenix, 94–105. This would also be Guiao's last tenure as Rain or Shine's head coach.
2016–2017 season On October 5,
Yeng Guiao signed with the
NLEX Road Warriors. This prompted assistant coach
Caloy Garcia to return as the head coach of the team starting next season. On October 13, their starting point guard,
Lee was traded to
Star in exchange for
James Yap. On the same day,
J.R. Quiñahan was also traded to
GlobalPort in exchange for
Jay Washington. On October 14,
Josan Nimes was traded to
Mahindra for a second-round draft pick in
2018. The team hired two former PBA players,
Jolly Escobar and Matthew Makalintal to be the new assistant coaches of Rain or Shine.
2021 season Former
Mahindra head coach
Chris Gavina was appointed, replacing Caloy Garcia. Garcia was reassigned as an assistant coach, and active consultant.
2022–23 season Return of Yeng Guiao In September 2022, Yeng Guiao returns as head coach of the Elasto Painters, replacing
Chris Gavina.
2023–24 season In the
Philippine Cup, Elasto Painters reached the semifinals, but wereswept by eventual runner-up
San Miguel Beermen. == Current roster ==