A transfer has three costs: a deposit fee, a conversion fee and a send fee. Grey shows all three, and the peso amount your recipient receives, before you confirm. That makes the rate only one part of what a USD to PHP transfer really costs.
On a $500 transfer funded by ACH, the deposit fee is 0.8 percent (minimum $2, maximum $10), about $4. The conversion fee is 1 percent, capped at $6, so $5 here. The send fee is shown separately, and the exact peso amount for a USD to PHP transfer is shown before you confirm.