Would you say my parents are being "racist" in this situation?

Well, about two weeks ago, I started going out with this awesome guy!
About two nights ago, I decided to tell my father since I promised my bf I would tell my dad last weekend. So I did, he seemed alright about it. Until… I told him what ethnicity he is.
I told him he is Filipino, and my dad didn’t take it well. He told me, “why are you down grading yourself? You can do way better than that.”
First of all, WTF does he mean?! When I told him my last bf was rich and white, he had no damn problem! And it is kind of weird because we live in Hawai’i which is pretty much Filipino infested.
I don’t know why my dad is being like this. He isn’t even full white. He’s Italian, Hispanic.
So do you think this is a racial thing? The reason behind why he doesn’t approve of this relationship?
I mean, I know he cares about my education, future, and well-being, but he didn’t use those excuses when I had my white bf. So what do you think is going on here!?