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2.
noun. A combination of "fuck" and "shit" used by the Filipino community used in stressful or frustrating situations, albeit in a mild-mannered and sometimes humorous way.
Why isn't this page loading? PAKSHET!

Why you cut the line in front of me? PAKSHET NAMAN YOU!
by theflyingipis October 15, 2011
 
1.
Filipino corruption of "fucking shit!" Filipinos pronounce their "F"s as "P"s and tend to abbreviate words, hence "pakshet"
Nephew: "Tito Boy, we are out of beer!"
Drunk Uncle: "Pakshet! Go get more!"
by hellawhitepnoy April 20, 2009