When pronounced with the stress on the first syllable, it's a noun meaning 'hair clip' or 'clothespin' and still occasionally 'tweezers.'
pang-ipit ng damit
clothespin (to use when hanging up laundry to air-dry)
Sa Tate puro plastik ang pang-ipit ng damit. Sa Pilipinas, may gawa sa kahoy pa rin.
In the States, clothespins are all plastic. In the Philippines there are still some made from wood.
clip for the hair
Mahilig ako sa mga ipit.
I like hairclips.
panipit / sipit
My foot got caught in the door.
Naipit ang kamay ko sa bintana.
My hand got caught in the window.
Naipit ako sa gitna ng dalawang lalaki.
I got squeezed between two men.
(For examples, as when sitting in a jeepney.)
The government is putting the squeeze on business people.