According to Spin.ph sources, David was packaged by Globaport Batang Pier with rookie guard AJ Mandani and sent to Meralco for guard Chris Ross, Chris Timberlake and two future second-round draft picks.
"It is a painful parting of ways between our organization and Gary David, but it is mutually beneficial to both parties in the long run," said Globalport head of basketball operations Erick Arejola in a statement.
"Gary will have a fresh career path, while Globaport becomes younger and gearing for our organization's championship run the next two years."
David has not really settled down at Globalport since the former Coca-Cola franchise was bought by Mikee Romero, his time with the Batang Pier limited by injuries and his stint with the Gilas national team.
The former league scoring champion also found himself in a competition for places at Globalport following the arrival of high-scoring guard Sol Mercado and Jay Washington in separate trade deals.
"Gary is a good player but is struggling with the system that we are implementing . The direction of the team is to get young players too, and start our rebuilding process, " added Arejola.
"In place of Gary would be Sol Mercado who would slide to two-guard. We wish Gary and Meralco the best."
On the other hand, Ross also became expendable at rebuilding Meralco after the arrival of veteran point guard Mike Cortez.
His time with Meralco also ended on a low note, having made the defensive lapse that led to a Mark Barroca basket before missing a potential game-tying three-pointer in the Game Four loss to San Mig in their Governors Cup semifinal series.