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102.
-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.

-While Flip is usually used inoffensively, the folk etymology of the term is that it is an acronym for fucking little island people which was allegedly coined by American soldiers during World War II. In response, many young Filipino Americans changed the first word of the acronym to funny, fine, or friendly. The slang flip was invariably used as an acronym for fine-looking island people by Flip Gear, a California-based clothing brand1 .

-A more plausible etymology of the term is that it is derived from the word Filipino.

-There are Filipinos who do avoid the term for other reasons (such as "flipped" being used to mean "gone crazy", giving the term a perceived negative connotation) and prefer to be simply called Filipino or Pinoy/Pinay instead.
flip1: ei dude are you a FLIP?

flip2: yep!
by Ururu October 15, 2007
 
1.
one of filipino ancestry. can also stand for "fine looking island people/person."
dayum! did you SEE that flip!? she was fyyyyyyne!
by el em ay oh February 06, 2004
 
2.
originally a deragatory termed used for filipinos by US soldiers. FLIP = fucking little island people.
if you were a true filipino, you won't kep referring to yourself as "flip". but instead, call yourselves pinoy/pinay or spell out filipino. be proud of your culture.

MABUHAY NG PILIPINAS!
by got_adobo? June 16, 2006
 
3.

If you flip something you make a profit out of it.

Let's say you bought a 5-stick pack of gum for 25 cents and you sell every stick for 10 cents (giving you 50 cents) you just flipped the pack of gum.

I heard there was a show where people flip houses.
They buy some houses, fix them up then sell them for more than they paid.

So I guess you could flip anything, but when I hear someone say they flipped something I'm usually thinking about narcotics.
In the example, "pound" is probably a pound of chronic, cocaine, etc..
Should I shoot out of town and flip this pound? - Mack 10
by JGuzmannn April 17, 2007
 
4.
To go crazy, to go insane.
I was so mad, I thought I was going to flip.
by Light Joker September 19, 2004
 
5.
short 4 filipino/filipina person
i'm a fLiP
by aj April 27, 2004
 
6.
the shortened & rearranged term for filipino.

Flip - "Funny (or Fucking) Little (or Looking) Island People".

Our ancestors were named flips from the Americans as in insult. Just like how they called the african american's niggers. Remember when the whites were seperated from the blacks? it happened to the Filipinos too. They even tried banning the Filipino's from migrating to the US.
She's a Flip.

*remember what Flip really stands for and how hard it was for the Filipino ancestors that went through it all.
by redjoyy January 17, 2005
 
7.
To sell drugs
I just found a new connect. I got a half pound to flip by friday.
by Tree October 30, 2003