It should also denote the President making promises that he has no intention of keeping, like eradicating poverty or even just keeping silent.
Because “Noynoying” invariably results in getting nothing of importance done, it is the same as Aquino making promises that he cannot possibly keep. And yes, that includes Aquino’s latest vow to patrol the streets looking for erring policemen like some super-cop, as well
the term originated from a protest gimmick in the form of neologism which critics of Philippine's President Benigno Aquino III have used to question his work ethic, alleging inaction on Aquino's part on the issues of disaster response and of rising oil prices.
A play on the term planking and Aquino's nickname, "Noynoy", Noynoying involves posing in a lazy manner, such as sitting idly while resting their heads on one hand and doing nothing.
The article in the wall street journal explains the meaning.