Chief executive Leung Chun-ying (pictured) on Tuesday urged the Philippine government for a "concrete and timely response".
"We will take substantial actions unless progress is made within one month," he warned.
Hong Kong and the Philippines have close economic ties but tensions remain high following the 2010 tragedy where several Hong Kong tourists died following a bungled – and televised – attempt to rescue them after they had been taken hostage by disgruntled former policeman, Rolando Mendoza.
In October, Manila mayor Joseph Estrada offered to issue an apology for the hostage-taking incident but Philippine President Benigno Aquino reportedly refused to make an apology on behalf of the country, insisting that the Philippines would not apologise for the crimes of one person.
It has offered compensation of $75,000 to each family of the deceased and up to $150,000 to those injured, according to reports.
The families say the amount is too low.
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