It is a diminutive of Paco. Familiar and colloquial form call Francisco. Panchito. In Colombia "Paquito" is the name of a child Primer for learning to read.
Jorge Luis Tovar Díaz
In the colloquial language, a paquito is something like a fairy tale, a lie, a fallacy.
Margarito Cázares Guerrero
Affectionate diminutive of Paco, which in turn is a way of calling people name Francisco, in female Paquita
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