Green’s Dictionary of Slang

payol n.

[Sp. español. The word is equated with nigger n.1 (1) or coolie n.1 in terms of offensiveness. Payols thus call themselves ‘Spanish’ or, in Sp., venezolanos]

1. (W.I., Trin., also pag-face) a mixed-race person who retains traces of Spanish ancestry and culture.

[WI]Allsopp Dict. Carib. Eng. Usage.
[UK]R. Antoni Carnival 125: ‘If I had my druthers,’ he laughed, ‘this pag-face wouldn’t appear on my books either.’.

2. (W.I., Gren.) a Spanish-speaking person, esp. a Venezuelan.

[WI]Allsopp Dict. Carib. Eng. Usage.