Photos by Josh Abelleda and Richard Esguerra, ABS-CBN Sports

MANILA, Philippines – (UPDATE) Hours after breaking up their famed "Extra Rice" duo by sending JR Quiñahan to GlobalPort for Jay Washington, the Rain or Shine Elasto Painters have pulled the trigger on another blockbuster trade.

Musong Castillo of the Philippine Daily Inquirer reported on Thursday that Rain or Shine has sent Paul Lee to the Star Hotshots in exchange for former PBA MVP James Yap.

Paul Lee shipped by Rain or Shine to Star for James Yap — Musong R. Castillo (@musongINQ) October 13, 2016

According to the PBA website, both the Quinahan-Washington deal and the Lee-Yap swap have been approved by the Office of the Commissioner as of Thursday afternoon.

The trades come after longtime head coach Yeng Guiao left Rain or Shine for NLEX, ending a six-year partnership that produced two titles for the Elasto Painters.

Lee was the Finals MVP when Rain or Shine won the 2016 PBA Commissioner's Cup, and averaged 8.9 points, 2.8 rebounds, and 2.9 assists in an injury-plagued campaign this season.

Yap, for his part, normed 11.7 points, 3.0 rebounds, and 1.3 assists per game for a Star team that struggled for most of the PBA season.

Lee was drafted by Rain or Shine in the 2011 Rookie Draft with the second pick, and went on to win Rookie of the Year honors. The former University of the East standout had previously demanded a trade in 2014, but went on to sign a two-year max deal.

Ahead of Thursday's drafts, Rain or Shine reportedly signed rising star Jericho Cruz, big man Raymund Almazan, and Jireh IBanes to new deals.

(For more sports coverage, visit the ABS-CBN Sports website.)