Pinay is the term for a female from the Philippines. They are also referred to as Filipinas. Males are called Filipino, and also Pinoy. When not specifically referred to, females can also be called Filipinos or Pinoy. Pinay is usually only used by Filipinas referring to other Filipinas. Pinay is not usually used by non-Filipinas, though occasionally you will hear the term Pinay by someone other than a Pinoy. In those cases, the person is probably very familiar with a Filipina and knows of the word Pinay. It is not a negative word or used to bring down someone, but a friendly term simply referring to Filipinas. It is more commonly used by younger Filipinos instead of the elderly.
Here are some links to various Pinay information and pictures:
Webshots Pictures - various Pinay pictures on Webshots
Pinay Models - Sexy Pinay models and pictures
Pinoy Spy - Tabloid type website with Pinay celebrity discussion and news.
Pinay Friend Finder - Find Pinays in your area, with local Filipina pictures
Pinay Web Portal - Web portal for Filipinas containing links to many Filipino websites
Pinay Divas - Filipina band with some great music, with photos and lyrics at their site