The Philippines were colonized for roughly the same amount of time as South and Central America, yet we don't call people of Filipino descent Latino or Hispanic. Filipinos are often just called Asian.
Spain and Portugal were big on colonizing South America. The Philippines was colonized by Spain because it is a necessary and strategic location for trade with the Far East, especially the spices from India and Indochina and the Porcelain from China. The Philippines politically was of minimal importance to Spain because Mexico (and the surrounding territories) was a much more important colony. In fact, Spain ruled the Philippines through Mexico, not directly, by virtue of the Viceroy of New Spain.
Hence, the Spanish influence is much greater in Central and South America that it ever was in the Philippines. While it can be argued that Filipinos are indeed hispanic, they are less so than the Spanish Colonies in the Americas.
Source: Teodorico Agoncillo, History of the Filipino People
I would just like to say spanish is derived from Latin. The Philippines have their own language.