Flip is a slur used to describe Filipinos in a derogatory way. Shortened and rearranged term, easier to say. Could also stand for "Funny (or Fucking) Little Island People".
The word Flip is a racial slur that has been used historically to degrade and dehumanize filipinos. The word is still used by some people for this purpose, and it is seen as offensive and hurtful to filipinos. If you are unsure about whether or not it is appropriate to use the word Flip, it is best to err on the side of caution and avoid using it in any situation.