Smart Gilas, which improved to 5-1, missed four of its last six free throws, but got a break when Iran muffed a potential game-winning trey at the buzzer.
The United States, Iran and the Philippines are all tied at number one with the same record.
Gabe Norwood starred with 17 points, including a dagger of a trey from the left corner which gave the PH squad a 74-69 cushion with 1:07 left.
Marcus Douthit, who had another double-double performance, followed it up with a flush off Ranidel De Ocampo’s feed, before Samad Bahrami made it a 76-75 game with 17 seconds left.
Jeff Chan was fouled in the ensuing play. An excellent free throw shooter, Chan made the first shot, but missed the second.
Mahdi Kamrani attempted a three-point shot which could have given Iran the win, but he misfired as time expired.
It was a toe-to-toe battle all throughout, although the Philippines was able to post a double digit lead early in the payoff period.