Championships

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 1996-2006, 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.

Welcoat became a member of the Philippine Basketball League in 1996, where PBA legend Samboy Lim suited up for the team, minus his traditional high socks. 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 since then, the Paint Masters won five more championships, fielding in the best amateur and former Metropolitan Basketball Association players available.

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.