In its only season in the league, the Volunteers made the semifinals of the tournament.
In 2002, the Olongapo Volunteers became the eighth member of the MBA after the departure of the Nueva Ecija Patriots.
Junel Baculi, who steered Hapee Toothpaste and Welcoat to PBL titles was hired as the head coach and nabbed several former PBA veterans such as Johnadel Cardel, Joel Dualan, Henry Fernandez as well as former PBL veterans Eugene Tan, Kerwin McCoy, Brixter Encarnacion and Calijohn Orfecio.
[1] However, the Blades escaped with a 76–75 victory to advance to the championship round against the eventual champions the RCPI-Negros Slashers.
Olongapo was renamed as the Gilbey's-Olongapo Volunteers, but the league folded in the middle of the second conference.