What percentage of Filipinos are of Spanish/Mexican descent?

I am curious because everytime I meet a Filipino, they tell me that they are half Spanish or they have a Spanish background. In Physical appearance though, they look more Asian. It is true that all Filipinos have Spanish background? I would assume most of it to be washed out by now. I know that Spain ruled the Philipines through New Spain (modern day Mexico) to trade with China.

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