The 2012 Philippine Basketball Association (PBA) Governors' Cup, was the third and last conference of the 2011–12 PBA season.

The tournament started on May 20 and culminated on August 5 with the Rain or Shine Elasto Painters team defeating the B-Meg Llamados team by 4 games to 3.

The tournament was an import-laden format, which allowed an import or a pure-foreign player for each team and with a height limit of 6-foot-5.

The following format was observed for the duration of the conference:[1]

Highlighted are the imports who stayed with their respective teams for the entire conference.