Formal:
* Mabagal na paglalakad, paaralan ang lugar na ito. (Literally: Slow walking, this is a school zone.)
* Paki-bagalan ang pagmamaneho, paaralan ang lugar na ito. (Please slow down your driving, this is a school zone.)
Informal:
* Bagalan ang takbo, paaralan 'to. (Slow down, this is a school.)
* Ingat sa pagmamaneho, may paaralan. (Be careful driving, there's a school.)
You can also use a more direct translation of "slow down" like "Mag-ingat" (Be careful) or "Dahan-dahan" (Slowly) followed by a phrase mentioning the school zone.
For example:
* Mag-ingat, paaralan ang lugar na ito. (Be careful, this is a school zone.)
* Dahan-dahan, may mga bata sa paaralan. (Slowly, there are children in the school.)
Ultimately, the best translation will depend on the context and the target audience.