Originally it was Rasmus Lerforf's "Personal Home Page Tools version 1.0" but it's advanced so much since then that that title no longer (erm...what's a good word?) fully encapsulates everything that PHP does...so nowadays it's just PHP.
It actually now is used in typical geek recursive acronym fashion to mean: "PHP: Hypertext Prepocessor", in much the same way that GNU stands for "GNU's Not Unix".
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