The Rain or Shine Elasto Painters debuted in the Philippine Basketball League in 1996 as the Welcoat Paint Masters.

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.

In 2005, Welcoat changed its name to Rain or Shine Elasto Painters, one of the products of their parent company, Welbest.

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.

As incentive, the PBA allowed Welcoat to grab three amateur players from their Rain or Shine PBL team.

Welcoat also signed PBL veterans Niño Gelig, undrafted point guard Froilan Baguion, Jercules Tangkay, and former Shell players Adonis Sta.

During the 2007 PBA Fiesta Conference, the Dragons had two active imports, Wayland White and assistant coach Alex Compton.

Before the start of the 2008 PBA Fiesta Conference, Leo Austria resigned as head coach of the Dragons citing that the management wanted a new direction.

In the 2nd round, the Elasto Painters grabbed point guard Tyrone Tang of De La Salle University.

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.

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.

Despite a depleted lineup, the Elasto Painters defeated Purefoods led by Gabe Norwood and point guard Tyrone Tang in the absence of Mercado.

The team made history during the 2012 PBA Commissioner's Cup by signing the Croatian center Bruno Šundov.

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.

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 won in a do-or-die game against the Barangay Ginebra Kings for the remaining slot for the finals.

They also beat Petron Blaze Boosters in 4–1 series win in the semifinals, despite coach Yeng Guiao having suspended in Game 5.

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.

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.

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.

The team hired two former PBA players, Jolly Escobar and Matthew Makalintal to be the new assistant coaches of Rain or Shine.

[7] In September 2022, Yeng Guiao returns as head coach of the Elasto Painters, replacing Chris Gavina.

[8][9][10][11] In the Philippine Cup, Elasto Painters reached the semifinals, but swept by eventual runner-up San Miguel Beermen.