I thought the same thing.. turns out, it's simply recursive, so while the first P represents PHP, it is not a representation of Personal Home Page - if that's what you meant). I was trying to dig up a thread that delved into this topic once... (oh, found it).
That's all revisionist BS. It was indeed named for Personal Home Page. I was working in the web dev business at the time, and knew some of the early PHP contributors. I'm not sure why they're ashamed of the name these days -- guess they think it went out of fashion.
It's probably because PHP is geared towards bigger and better things now. There are plenty of solid frameworks, CMS's, enterprise applications, etc... It's not just for adding some dynamic content to your "personal home page" anymore. Besides, I think that name makes it sound so, amateurish.