Comments (Meaning / History Only)
Pepe comes from the acronym P. P. meaning Pater Putativus (putative father) that was used to refer to Saint Joseph as the putative father of Jesus.
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It is thought it comes from the Latin inscription associated with Joseph (Virgin Mary's husband), which is "pater putativus", which sort of means "adoptive father" or (more accurately) "considered father (but isn't)". Hence "pp", pronounced in Spanish "Pepe".
Another popular etymology is that Pepe is a reduced form of "Jusepe", the old Spansih form of "José" (Joseph). This is the most widely accepted among experts.