You got it wrong. Our Key-Rates-to-Inflation correlation goes the other way around. BSP adjusts lending rates in reaction to inflation.
BSP keeps the key rates low during periods of low inflation, to encourage spending and stimulate the economy. If inflation goes up, BSP tries to slow down the rate of rise of inflation by adjusting the key lending rates upwards to discourage spending and prevent spiraling increase in prices.
Bangko Sentral ng Pilipinas can only try slow down the inflation's up-and-down movement. It cannot to prevent high or low inflation, especially so because our inflation rates are mostly due to external economic and geopolitical factors.
In our case, inflation was driven by high prices of imported oil, coal, and natural gas. During the Pandemic in 2020-2021, our inflation was driven upwards by the global shortage of manufactured goods dependent on electronic chips due to closures of factories due to Covid-19. In 2022, the Ruso-Ukraine war created high inflation globally due to high fuel prices, energy shortage, and manufacturing decline in Europe.
So far, BSP has been managing our globally-influenced inflation quite well over the past several administrations. And that's one of the reasons why the Philippines is one of the fastest growing economies in the region.