He died at the Capitol Medical Center near the capital Manila, Philippine News Agency reported, adding that his family will release a statement soon.
An economist by training, Aquino worked in the family sugar business before launching his political career in 1998. He served three terms as Congressman in the House of Representatives before becoming a senator in 2007.
He was the only son of popular democracy icons Senator Benigno “Ninoy” Aquino and former President Corazon. His father, a senator who opposed the rule of dictator Ferdinand Marcos, was assassinated in 1983 on returning home from exile in the United States.
His mother, who died in August 2009, ruled as president from 1986 until 1992.
He won his election in 2010 by a landslide, persuading voters he was morally fit for the job and would represent ordinary Filipinos.
Despite some gains in tackling corruption, his “Mr Clean” image was tainted by scandals over the lawmakers’ misuse of public funds that same year, according to Reuters.