The acronym “PIT” (Philippines + Indonesia + Thailand) stands for the economies of these three ASEAN nations and has been cited in print since at least December 2001, when the term was used by IMF Asia Pacific economist, Charles Adams.
 
The acronym “PITS” (Philippines + Indonesia + Thailand + Singapore) stands for the economies of these four ASEAN nations was cited on Twitter on August 4, 2011.
 
Similar acronymns include “BRIC” (Brazil + Russia+ India+ China), “MINT” (Mexico + Indonesia + Nigeria + Turkey) and “PIIGS” (Portugal + Italy + Ireland + Greece + Spain).
     
 
CNN.com
IMF tells Philippines to shape up
December 12, 2001 Posted: 6:38 AM EST (1138 GMT)
By staff and wire reports
MANILA, Philippines—The International Monetary Fund has told the Philippine government to overhaul the country’s financial system.
(...)
The IMF’s Asia Pacific economist, Charles Adams, says the PIT countries—the Philippines, Indonesia and Thailand—will have to rely on domestic demand for growth, through 2002.
     
In His Grip
3/23/2007
P.I.T. Crew
(...)
On a side note there are a few things to tell you. Our team has been called the “PIT Crew” because we will be traveling to the Philippines, Indonesia, and Thailand.
 
Twitter
Ralph Navarro
‏@ralph11ph
@accabiao PITS being Philippines, Indonesia, Thailand and Singapore. May mga issues daw ito pero very strong yung fundamentals
10:51 PM - 4 Aug 2011
 
Twitter
Dax
‏@daxlucas
PIGS (Portugal, Ireland, Greece, Spain); PITS (Philippines, Indonesia, Thailand, Singapore); EEG (Everybody Except Germany) — Reuters
10:49 AM - 24 Nov 2011
   
ECS World
Meet the PITS, the Heart of Southeast Asia E-Commerce
Jun 29, 2015 | Posted by: Marketing | Category: General
Instabill copywriters have reported at length about the BRIC countries, but we’re now looking at the PITS nations behind Southeast Asia e-commerce.
Instabill copywriters have reported at length about the e-commerce growth of the BRIC countries – Brazil, Russia, India and China – and the potential of each. Present attention, however, should be focused just south of China, what we’ll call the PITS countries – Philippines, Indonesia, Thailand and Singapore – the dominant nations behind Southeast Asia e-commerce.
   
ValueWalk
BRICs, PITs, And PIGS: Go Ugly
By Michael McGaughy on November 24, 2015 6:41 pm
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About the same time BRICs was coined, traders and analysts who survived the late 1990s Asian financial crisis were referring to the ASEAN countries as PITs. The term stood for Philippines, Indonesia and Thailand.  These were three of the hardest hit economies and markets. Unlike BRICs I don’t think anybody has come forward to claim responsibility for it. Calling your home market a degrading term soon after clients lost money would not likely make one popular.