Gabe Norwood's crucial tip-in with 1.2 seconds left in regulation tied the game at 90-90, forcing overtime against Meralco.
Norwood, who recently announced his retirement after the PBA Philippine Cup, also secured the win by cleaning up a missed shot for the game-tying basket.
Caelan Tiongson led Rain or Shine with 23 points and 10 rebounds, playing a key role in their comeback from a 13-point deficit in the fourth quarter.
Tiongson's four-point play narrowed Meralco's lead to 88-89, setting up Norwood's game-tying basket.
In overtime, Michael Malonzo and Anton Asistio provided crucial baskets to give Rain or Shine a 94-90 lead.
Rain or Shine secured their first win in the all-Filipino conference with a thrilling 96-95 overtime victory.
Norwood finished the game with 11 points and three rebounds.
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