Weeks before the start of the Philippine Cup, Alaska traded Brandon Cablay to San Miguel in exchange for veteran Nic Belasco. On May 8, 2006, they traded Don Allado to Talk 'N Text for guard Willie Miller and forward John Ferriols. Alaska finished with a 9–7 record in the classifications, thus earning an outright berth in the quarterfinals. In the quarterfinals, the Aces defeated the Coca-Cola Tigers, with former Alaska star Johnny Abarrientos on the squad, 3–1. The opening game of the series saw Alaska winning on a last second three-pointer by Nic Belasco. In the semi-finals against top-seed Purefoods Chunkee Giants, the Aces led 3–1 and was a win away from a finals berth but failed to win all of the remaining games. Alaska would end the tournament on a winning note, capturing the third-place trophy with a 102–95 win over San Miguel, their 12th third-place finish in team history.