I think this type of censuring of words is really offensive.

Flip is a well-known, and commonly-used verb, noun and adjective – all acceptable variations of the word that have no racially negative connotations whatsoever.

Furthermore, it is really demeaning to Filipino people. The people who told you to eliminate this word from your vocabulary decided that people from the Philippines are so ignorant that they will not be able to distinguish between an item and a racial slur.

P.S. I've never heard that use for flip either.