What does it mean? I suspect its roots are Spanish or Mexican. Or it is a loan word or a Filipinized form of the original. It is used to describe a character in some traditional fertility ritual in some parts of the Philippines.
I found lacayo
lacayo, ya adj. Servil, bajo,> rastrero: actitud lacaya.
m. Criado de librea que acompañaba a su amo a pie, a caballo o en coche.
desp. Servil, rastrero: es el lacayo del jefe.
But I also found two entries for Lucayo The Lucayo Islands Bahamas and even something in Wikipedia! A "Taino" dialect in the Bahamas