Banares had a chance to send the duel into the second hole, but he muffed a four-footer for bogey then Tanpinco made it from three to clinch the title in his first team-up with Cantada.
"Thats as close as can be and my partner here showed he has the stuff champions are made of," said Cantada. "If he thinks I am worthy, Id be honored to play with him again next year."
"Of course, I would be equally honored to come back if kuya Gerard ask me again," said Tanpinco, a 21-year-old scion of a wealthy family from Bacolod City.
Banares and Dumandan started the final 18 two up on the Cantada-Tanpinco tandem and threatened to run away with the crown when they birdied the 10th to stretch their lead to five.
But Banares made a poor 11th hole tee shot to struggle with a triple bogey seven that sent the two-team duel in the early afternoon into a pulse-pounding finale.
Cantada and Tanpinco wound up with an 80 while Banares and partner made an 82 to tie at 305.
The P1.2-million event went into a cliffhanger like its rival three years ago after both teams three-putted the final green with Dumandan muffing a four-foot uphill putt and Tanpinco a tough sidehill winning try from three.
Cantada and Tanpinco wound up with an 80 and Banares and Dumandan settled for an 82 for 305s.
The victory made Cantada richer by P165,840 while Tanpinco jetted back to Bacolod City with prizes in kind worth P41,000.
Ramil Bisera and Jay Bayron of Davao City closed out with a 73 to emerge surprise third placers with 306. Bisera won P65,352 while Bayron, the former National Uratex Caddies champ, got P16,338.
Defending champions Raul Miñoza and younger brother Paul closed out with a 78 and Jorge Abad and Michael Bibat shot a final round 77 to share fourth place at 307.
Raul and Abad won P49,992 apiece while Paul and Bibat were P12,500 richer.
South Koreans Park Sung Mo and Lee Seong Ki carded a 77 to take the next slot at 308 to win the pro and amateur prizes of P38,484 and P9,621, respectively.
Ray Pagunsan and Col. Rico Javier and Juanito Pagunsan and son Juvic came up with 73s to share seventh place at 310, followed by Armando Eso and brother Amado with 80 and 315.