The Philippines at the time of their conquest by America were by no means economically robust. The land was largely mountainous and tropical, which allowed diseases like malaria to be rampant. Therefore, colonial settlement by way of plantations (like the case of Hawaii) would have been unprofitable. However, the Philippines did have one major strategic advantage that made them desirable to the US. It was their central location on the Asian coast, in the midpoint between east Asian and Japanese trade. The ports that the US gained from their conquest allowed them a much further military diplomatic reach to employ realpolitik which they just simply couldn't support with the supply range from the extremely distant Hawaii.

The Filipinos on the other hand were not very happy to have their independence taken from them by the US. The first 2 decades of their occupation saw multiple legislative declarations of their eventual desire for independence, and more importantly their absolute disapproval of incorporation into statehood.

Furthermore, the issue of the US losing its strategic ports resolved itself by the end of WW2, as Okinawa was gained as a de facto oversea province (until 1971 where local civil unrest forced it's return to Japan, with the US maintain the right to naval bases). It took over as the preeminent strategic port and was subsequently used to advantage for deployments and supplying missions during the Korean and Vietnamese campaigns.

Because we were fighting Spain for other things. What we really wanted was a free Cuba (there was a large Cuban liberation movement in the US), we wanted Puerto Rico as a coaling station to help protect the Panama Canal and the US wanted to be the hegemon in the Caribbean. We fought in the Phillipines just to make Spain fight everywhere.

The US did not want Phillipines statehood and it was too far away and too large to manage effectively.