They're not as conservative as they used to be. I should know, because I lived there until eight years ago. Back then, censors cut the hell out of nearly every R-rated movie that came out. Try watching Basic Instinct and Showgirls without the nudity and sex scenes - and those movies were still rated R18. The government came under heavy fire when they slapped an X rating (which means it cannot be shown on theaters at all) on Schindler's List and considered removing the sex scenes for an R18 rating. After numerous arguments, they gave in to Spielberg's requests and released the film uncut with a PG15 rating, citing historical and educational reasons.
My mom was actually part of the Classification Board from 1996 to 1998; hence, I was able to watch any movie for free. She often disagreed with the Board's views on censorship and ratings. One example was The Lost World: Jurassic Park, which was rated PG15 (which means kids under 15 can't watch the film at all). Now that's kind of silly, as the movie was geared towards older children. My mom brought this issue to attention because a few months earlier, The Ghost and the Darkness was released with a GP rating, and that film was obviously more graphic and it mostly involved real lions, as compared to CG dinosaurs in The Lost World.
Today, the Philippines seems to be more liberal. For example, their version of FHM magazine has full nude centerfold shots. And from what I've read, R18-rated Tagalog movies now show frontal nudity and other stuff you couldn't see back then.