http://en.wikipedia.org/wiki/FlipQUOTE
Flip is a term used colloquially by Filipino American youth to refer to those of Filipino descent.
According to the late journalist and activist Alex Fabros, Sr. (1903-1999), the term was first used among Filipinos sometime after his immigration to the United States in 1929.
The term came into widespread use in the 1980's and the 1990's.
While Flip is usually used inoffensively, it is popular belief that the term is an acronym which stands for fu-king Little Island People. This claim, however, is an urban legend. In response, many young Filipino Americans changed the first word in the acronym to funny, fine, or friendly.
There are Filipinos who do avoid the term for other reasons and prefered to be simply called Filipino instead.
here's more
http://en.wikipedia.org/wiki/Ethnic_slurQUOTE
Aunt Tomasina
(Filipinas) a Filipina who "kisses up" to whites, a "sellout" Filipina counterpart of Aunt Jemima
Dog Eater / Dog Muncher
(U.S.) someone of Filipino, Korean or Vietnamese descent. 'Dog Eater'
Filippa
(Italy) a Filipina
Flip
(U.S.) a person of Filipino descent. Used in the 80’s and early 90’s by Filipino American youths from Chicago born in the US as a contraction of “Filipino”. Considered derogatory in Hawaii, but generally acceptable in other U.S. states. It is not true that the term was invented by American troops stationed in the Philippines, or that it is an acronym for "fu-king (or Flippin') Little Island People".
g@@k
(U.S.) military slang since 1899, applied initially to Filipinos during the Filipino insurrection of 1899, and later revived for Asians during the Korean War and Vietnam War; It derives from Gugus, the Tagalog word for "tutelary spirit". May have gained currency during the Korean conflict, since "g@@k" in Korean means "country"; "Mig@@k" is "American" (literally translated, 'Mig@@k' means 'beautiful country') and "hang@@k" is "Korea." Popularized to include any Asian after its widespread use during the Korean War.
Jalapeno
(Hawaii) Japanese-Filipino (not necessarily offensive)
Little brown fu-king machine (usually abbreviated to LBFM)
(English Language Internet) a Filipina, Thai, or Singaporean prostitute
Pogy
(U.S. Navy) A young Filipino woman. Candy is referred to as "Pogy bait".
Rice Picker
(UK Commonwealth & U.S.) a Filipino, Viet, Cambodian, or any other south-east Asian.