I am not from the Filipines, and I am not Pilipino, but having been involved in FMA for about 12 years, I have been curious about Anting-Anting, Oracion, and the other traditional tribal beliefs of the Filipines & Pacific Islands.
The basic answer that I have gotten from the Filipino masters that I have talked to is "Some use it [Anting-Anting] because they believe it helps them. If that is what they believe, then that is good for them. I personally don't use them."
I guess my point is that I have seen many "westerners" who practice Indonesian of Filipino martial arts get so caught up in psuedo-religion and fantasy that it almost mocks the old tribal spiritual beliefs. If you talk to some of these people in the U.S., they make it sound as if everyone is running around the pacific islands casting spells on each other like in a D&D role playing game. It just isn't like that.
There are also many "Frauds" out there who you could pay a few thousand dollars too. They'll meet you at the airport in the filipines in camoflauge fatigues, take you into the jungle, and have you hit tree's with sticks for a weekend. I'm sure they'll show you all the secret spells too. I'll bet that you'll really feel like you've learned all the secrets of FMA in a weekend too, when the reality is you have just been conned. Next time I need an operation, I'm going to a psychic surgeon for sure!
Here is my American understanding of "the way it is" over there. I compare it to Christians here in the United States. Most people in the United States have Christian Beliefs, but most don't run around with a cross, a rosery, and holy water, reciting prayers every 10 minutes. Sure, we have our extremists here, but most people would consider these people "crazy". I see it being the same over in the Filipines, but just involving a different culture. People in the Filipines aren't running around casting spells all over the place. In fact, I've been told that more people are Catholic then anything else. However, there are "Witch Doctors," and tribal beliefs and "superstitions" that are mixed in with the other prevailing belief systems. Someone in the Filipines may have an Anting-Anting and an Oracion; I have my Saint Micheal pendant and a prayer that I recite if I ever get in trouble. There isn't much of a difference between the two practices, in my opinion.
So, to summerize my ridiculously long and poor-grammered post here is that yes, there are some beliefs and practices in the pacific islands that are unique to the culture. Just don't fantasize about it too much and make it more then what it is, for that would be doing a disservice to the culture that these beliefs came from.
Sorry that I don't have any thoughts on the actual rituals and practices, for I am not from the Philippines. It sounds like Moro-moro has more contributing thoughts on the actual practices and beliefs.
However, These are just my general thoughts on the subject...
PAUL