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I think it comes from Preferential, Personalised Service. But as you say, its just known as PPS.dajop said:(not sure what PPS actually stands for it's simply PPS).
Note that Solitaire PPS requires a spend of S$250,000 on First and Business Class fares within 5 consecutive years of PPS Club membership. Then once Solitaire status is attained, it can renewed annually with a S$25,000 spend on First and Business Class fares.