Filipino coastguards shot dead the 65-year-old fisherman last week after they said his vessel illegally sailed into Philippine waters, and outrage in Taiwan over the incident escalated amid a perceived lack of remorse in Manila.
In a bid to contain the diplomatic fall-out, Aquino sent the chairman of the Manila Economic and Cultural Office, which handles relations with Taiwan, to the island today to act as his "personal representative" and apologise.
Taiwan earlier today suspended the hiring of Philippine workers and recalled its envoy to Manila in protest at the killing of the fisherman.
It rejected an initial apology made by the Philippines' de facto ambassador to the island as inadequate.
More From This Section
Taiwan President Ma Ying-jeou insisted the Philippines offer a formal apology and compensation, apprehend the killer and launch talks on the fishing industry.
She warned that further sanctions would be imposed unless Taiwan's demands were met by 1000 GMT today.
These would include a "red" travel alert urging Taiwanese not to visit the Philippines and the suspension of exchanges between high-level officials.
Lacierda urged Taiwan not to implement its threatened sanctions and to reverse its decision to ban new Filipino workers.
"We appeal to the people of Taiwan not to involve our Filipino nationals there," Lacierda said. "We appeal for calm. We appeal for sobriety.