Used as a descriptor for a very inexpensive and shoddily-made product of non-US origin, such as products manufactured in China, Taiwan, or Hong Kong
From a product reviews website:
"Eight of the twelve units purchased were nonoperational; but this was somewhat expected of a very inexpensive product of non-US origin - sometimes known as the "Hoo Phlung Pu" brand."
A 'Phlatty' is a term to describe a marijuana blunt that after being rolled is 'flat' instead of 'round'. Common with inexperienced blunt rollers. Most commonly occurs when incorrectly sealing the blunt paper back together as some people will use to much pressure and/or etc., thus creating a flattened out blunt rather than a cylinder shaped blunt.
Yo I just rolled that blunt but it came out to be a phlatty.