The Chabacano era is one of the many words that when used by a Chabacano speaker will tell you that that person is very fluent in the language. This word has multiple uses in the Chabacano de Zamboanga.
In the Chavacano de Zamboanga Compendio y Diccionario by Rolando Arquiza Santos, the author explains that the word can mean perhaps and almost.
Here are some examples given by the book mentioned above:
Chabacano: Ya ulvida yo era llama contigo.
English: I almost forgot to call you.
Chabacano: Ya visita era tu con ele.
English: Perhaps you should have visited him.
Note that you only use the word era to mean almost when you mean that you almost
were or weren't able to do something but still ended up not doing or doing it (respectively). Here is another
Chabacano: No hay era yo puede mira American Idol.
English: I nearly forgot to watch American Idol.
In the Chabacano de Zamboanga handbook by Camins, he translates the word as the English should have.
Here are other examples using this word:
Chabacano: Era, ya hace tu acaba tuyo estudio.
English: You should have finished your studies.
Chabacano: Ya dormi era anay yo.
English: I should’ve slept first.
A note on word order, the word era (when used to mean should have) can come at the beginning of the sentence or after the noun.
For forming these sentences in the negative (i.e. should not have), put no hay (some people pronounce this word as nuay) at the beginning followed by era.
Now let’s make the two sentences above negative.
Chabacano: No hay era yo hace acaba mio estudio.
English: I should not have finished my studies.
Chabacano: No hay era anay yo dormi.
English: I shouldn’t have slept yet.
I have a sneaking suspicion that the Chabacano era comes from the Spanish imperfect subjunctive tense. Here are some examples of words in their past subjunctive tense: hablara, comiera, viviera. In Camins’ book on the Chabacano, he explains that the Spanish equivalent of the Chabacano era is debiera haber.
Another usage of era (which was suggested by one of the commenters below) is to mean 'just' in this manner:
Chabacano: Ta habla lang man era yo...
English: I was just saying...
Note that the sentence above can also exist without the era in it.