The creativity of the Ifugao mind never ceases to amaze me!
The spear, I believe is of Ifugao workmanship and a combination of two types of spearhead design, the gayan (with two flaring prongs) and the hinolgat (with 2 pairs of barbs). Other Northern Luzon Cordillera peoples also have these two types of spears but with slightly different workmanship, and also have their own local names.
The sinalawitan is a Bontoc term, perhaps derived from "salawit" which means barb. On the other hand, The Kankakaey-speaking peoples of Benguet describe those spirits of persons who died of violent deaths as not "nalawitan" meaning that they have not been invited to his/her home or house of living relatives in order to participate in activities such as ritual sacrifices. As a consequence, these spirits remain in precipices and places where accidents are likely to occur; and at the same time occupy themselves with malevolent acts. "Lawit" is the calling of such anitos. These anito spirits were feared by travelers to cause misfortune and accidents. It is possible that this belief may have brought about the belief that the sinalawitan spear scares away spirits that cause trouble to travelers.
Although the use of iron and weapons made of iron, as a talisman against evil spirits is a concept widely found throughout the Philippines, I have yet to discover if this belief is also found among the ancient Ifugao. For this reason, I would not conclude that your spear had any talismanic purpose. The creative design was likely made for ornamental reasons.
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