You are correct, however many do trace a Spanish heritage which would put them in the Hispanic category I believe. I had a very good friend who is Filipino and he was a devout Catholic with the surname Reyes.
The Philippines used to be a Spanish colony IIRC. The people there are generally considered to be “Malay” historically, but it’s arguably legit to add in the Spanish heritage and influence that ‘westernized’ them.
Quite the melting pot with a lot of Asian and Malay main ingredients.