Question on real exchange rate If the Phillipine peso falls in value against the USD by 5% in a year, but the domestic inflation rate in the Phillipines is 10%, compared to 2% in the USA, the nominal exchange rate has fallen (by 5%), but the real exchange rate has risen by 3%.

Could anyone help me explain why "the real exchange rate has risen by 3%."?
Note that I am not 100% sure. But in my understanding, we have 

Year 1


Price for a product in the US :  $p_{US}=v$ \$
Exchange rate: $x$ pesos for $1$\$
Price of the product in the Philipines: $p_{Ph})=v.x$ pesos


Year 2


Price for the same product in the US : $p^\prime_{US} = (1+\alpha_v)v$ \$. The price increased due to the inflation $\alpha_v$.
Nominal exchange rate: $(1+\alpha_x)x$ pesos for $1$\$. A drop in value means you need more pesos for one USD.
Inflation in the Philipines: $p^\prime_{Ph} = \frac{P_{Ph}}{1+\alpha_p}$. Due to the inflation, the acquisitive power of the pesos is reduced.
Price of that product : $p^\prime_{Ph}=[(1+\alpha_v)v].[(1+\alpha_x)x].[\frac{1}{1+\alpha_p}] = \frac{(1+\alpha_v).(1+\alpha_x)}{1+\alpha_p}.v.x$


Variation


The effective variation compared to the previous year is thus, $\frac{(1+\alpha_v).(1+\alpha_x)}{1+\alpha_p}$, which corresponds to a rise in effective exchange rate of 


$$\frac{1+\alpha_p}{(1+\alpha_v).(1+\alpha_x)}-1=2.7\%$$