From WikiPilipinas: The Hip 'n Free Philippine Encyclopedia
Transpinay is a term used by transsexual women in the Philippines to identify themselves. Coined by the Society of Transsexual Women of the Philippines (STRAP), the term is a combination of the words "transsexual" and "Pinay." It is used to denote a transsexual woman of Philippine descent who was born with a male sex assignment, but recognizes that she is nonetheless female.
According to STRAP, a transpinay —- like any other woman —- can be straight, lesbian, bisexual or even asexual. She is not a straight or gay man who is acts effeminately or completely like a female, nor a man who loves to dress in woman's clothing. And though a transpinay may or may not undergo sexual reassignment surgery, she will never simply be a boy or a man wanting to be a “real” woman. She is already a woman.