The 2001 Philippine Basketball Association (PBA) Governors' Cup was the third conference of the 2001 PBA season. It started on September 8 and ended on December 16. The tournament is an import-laden format, which requires an import or a pure-foreign player for each team.^[1]

The following format will be observed for the duration of the conference:

• The teams were divided into 2 groups.

• Teams in a group will play against each other twice and against teams in the other group once; 13 games per team.^[2]
• The top eight teams after the eliminations will advance to the quarterfinals.
• Quarterfinals:
  • Top four teams will have a twice-to-beat advantage against their opponent.
  • QF1: #1 vs. #8
  • QF2: #2 vs. #7
  • QF3: #3 vs. #6
  • QF4: #4 vs. #5
• Best-of-five semifinals:
  • SF1: QF1 vs. QF4
  • SF2: QF2 vs. QF3
• Third-place playoff: losers of the semifinals
• Best-of-seven finals: winners of the semifinals

The following is the list of imports with the replacement imports being highlighted. GP is the number of games played in the conference.

Team	Name	GP
Alaska Aces	Sean Chambers	3
	Dexter Boney	4
	Ron Riley	7
Barangay Ginebra Kings	Mark Jones	11
	Bubba Wells	4
Batang Red Bull Thunder	Raymond Tutt	14
Pop Cola Panthers	Rosell Ellis	20
Purefoods TJ Hotdogs	Derrick Brown	13
San Miguel Beermen	Lamont Strothers	23
Shell Turbo Chargers	Askia Jones	19
Sta. Lucia Realtors	Damian Owens	25
Talk 'N Text Phone Pals	Brandon Williams	13
	Todd Bernard	1
Tanduay Rhum Masters	Maurice Bell	2
	Billy Thomas	10

• PBA.ph