The three-man team up of Oliver Go, Marlou Monreal and Edward Solon helped Colonnade post a slim lead at the turn, but Pipeline turned the course of the game to its favor by erecting a six point edge going into the final quarter.
A seesaw battle ensued but Colonade grabbed the momentum in the closing minutes when Onnie Co's fast driving lay-up was fouled to complete the three-point play, 77-78.
But it was Edwin Dinglasa, who scored the heroic shot in the remaining 18 seconds, to post the hairline victory in the 30-above division.
In 40-above category, Alfred Lim wound up with 18 points for defending champion St. Therese Pawnshop while Junard Ciabo and Chito Hernandez backed with 10 points apiece.
The scores
First game
St. Therese (79) - A. Lim 18, Almojallas 10, Hernandez 10, Ciabo 10, Castro 6, Brigola 4, Atillo 4, Albods 4, Malinao 3, Navarro 2, Bacalla 2, Abella 2.
Fravu (68) - Patalinghug 15, Galos 13, Herbito 8, Taghap 6, Iverson 4, Manayon 4, Gallardo 4, Alcoseba 4, Villar 3, Pacaña , Ruel Sanchez, 2 Tagapan 2.
Second game
Colonnade (79) - Go 15, Co 12,Dinglasa 10m Petallar 8, Monreal 8, Montano 8, Solon 7, Lapulapu 5, Acapulco 4, Lim 3, Marturillas 2, Soco 1.
Pipeline (78) - Noel 11, Navarro 10, Alviado 10, Laborte 10, Arias 8, Gallardo 6, Patrimonio 6, Canada 4, R. Jumawan 3, Castro 2, E. Jumawan 2, Rabadon 2, Mante 2, Chiong 2.