According to the Urban Dictionary, which is basically a blog for definitions, meanings vary:

1. Slang for Filipino male. Go, Pinoy!

2. Originally a term coined for Filipinos living in America, it has become widely used in the PI as well as the States. Huy pinoy ba kayo? Galing! Tama na yan, inuman na tayo!

3. some fine filipino guy =) daamn gurl that is one hott pinoy!!

4. Ugly little fat asian n**ger looking mexicans that put pinoy on there screen names to act like they have some kind of pride.