Does the central bank even care about growth? The answer is it does care about growth, but it cares even more about its inflation-targeting mandate. In the long run, it's actually good for the government since you can issue longer-term bonds if everybody believes in the inflation forecast.
The overall belief in the Philippines is that inflation targets are missed in the Philippines because of external and supply shocks, for which policy rates are not the most effective tools. So why did we raise rates? The first answer to that question is we would have raised it anyway as part of our normalization.