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Mestizo (Port. Mestiço) is a term of Spanish origin describing peoples of mixed European and Amerindian racial descent. The feminine form is mestiza.
In colonial Latin America and Spain, the term originally referred to the children of one European and one Amerindian parent, but today refers to all people with a significant amount of both European and Amerindian ancestry in Latin America.
Mestizos officially make up the majority of the populations of Chile (90%), Colombia (58%), Ecuador (65%), El Salvador (94%), Honduras1 (90%), Mexico1 (60%), Nicaragua (69%), Panama1 (70%), Paraguay (95%) and Venezuela (67%).
For other American countries where mestizos don't constitute a majority, they nonetheless represent a significant portion of their populations; Argentina (13%), Belize (44%), Bolivia (30%), Brazil (aprox. 12%), Uruguay (8%) and Peru (37%). The possible exceptions for this would be Cuba, the Dominican Republic and Puerto Rico. Although some Mestizos and full-blooded American Indians, did once represent a portion of the population in the latter two countries, they were absorbed by the mulatto populations there.
Many Americans of Hispanic and/or Latino origin identify themselves as mestizos as well, particularly those who identify as Chicano.
During the early colonial period of the Philippines, the term mestizo (Tagalog, mestiso) originally refered only to those of mixed Malay and Spanish, Basque or Mexican ancestry. However, since the Chinese presence in the Phillipines had always been numerically greater than that of Spaniards or Mexicans, individuals of a Malay/Chinese mixture became much more prevalent than the mixture to which the definition was originally intended for. The term was then expanded and has since been freely used to refer to all individuals of mixed racial descent - regardless of race combination or ratio.
Modern categories of Filipino mestizos include the already mentioned Spanish-mestizos and Chinese-mestizos, as well as Japanese-mestizos (those of mixed Malay and Japanese descent) and American-mestizos (those of mixed Malay and American2 descent), et cetera. The feminine form is mestisa.
Those of a mixture of Malay with another Asian ancestry may also be commonly referred to as Chinito/a (diminutive of Chino/a; Chinese).
The combined number of all types of mestisos constitute no more than 2% of the entire Filipino population. Of that 2%, less than half are of the Spanish variety.
Furthermore to its Filipino usage, the term is often regarded a synonym of "beauty", and is also employed to denote any unmixed Filipino of a lighter skin complexion, especially when used in it's vernacular form of "Tisoy", a backformation of [mes]TISOY.
For a more detailed overview of the various types of Filipino mestisos, including the major ethnic groups, see Demographics of the Philippines - Ethnic Groups.