After missing out the All-Filipino Cup finals for the first time last season, the Tender Juicy Hotdogs welcome back guard Dindo Pumaren on its fold and signed two promising rookies; Rodney Santos and Reuben Dela Rosa. Purefoods lost their first two games of the season to San Miguel Beer, 69-80, in the opener on February 18, and Shell, 80-85, on February 24 in Lipa City, before picking up their first win against Ginebra, 100-92 on February 27, the Hotdogs began to peak late in the elimination round and finish third behind Alaska Milk and Formula Shell at 8 wins and 6 losses. In the semifinal round, Purefoods racked up six straight victories to clinch the first finals seat, leaving Alaska and Ginebra, which earn a playoff by winning five games in the semifinals, to dispute the other slot, the Milkmen won over Ginebra in their playoff game and in the championship series, Purefoods lost to the Alaska Milkmen in just five games and settled for runner-up honors.
Ronnie Thompkins, the temperamental former Swift import, was hired by Purefoods as their import for the Commissioner's Cup, Thompkins scored 34 points in his Purefoods' debut on June 16, leading the team to a 108-87 win over San Miguel Beer, the Hotdogs barely made it to the semifinal round, winning their last game in the eliminations against San Miguel and their playoff game over Sunkist, 89-76 on July 30. Thompkins was tested positive on drug used and saw action for the last time in Purefoods' 84-101 loss to Sta.Lucia in their first game in the semifinals on August 4,  his replacement Derrick Gervin, a younger brother of NBA's prolific scorer George Gervin, led the Hotdogs to just a lone win in the semifinals and later on was also found positive on drug test conducted by the PBA. 
Six-year NBA veteran Dennis Hopson, who spent some time as Michael Jordan's backup with the Chicago Bulls in the NBA, blew into town as the import of Purefoods, now with a moniker Corned Beef Cowboys. Hopson went down with a foot injury before the conference started and Mark Anthony Hill played as a fill-in role while Hopson was recuperating and lasted three games, Hopson played only once in the Cowboys' 89-92 loss to San Miguel in Iloilo City on October 12. Purefoods' import woes continues with Tony Tolbert replacing Hopson and lasted two games, leading the Cowboys to one win, Jojo English, a legitimate NBA veteran was the fourth import to saw action for the Cowboys in the Governor's Cup, played only one game before being sideline by an old injury, the coaching staff decided to keep him around but English never got a chance to play again when unheralded Kennard Winchester, their fifth reinforcement, played well and help the Cowboys get back and were able to qualify in the quarterfinal round by defeating Sta.Lucia in their playoff game on November 17,  seeded number 6 and in a twice-to-beat disadvantage against San Miguel, the Cowboys forces a do-or-die game by winning over the Beermen, 97-91 in overtime on November 19, five days later, the San Miguel Beermen knock the Cowboys out from the final four semifinals with an 89-86 victory.