He finished 36 holes at 13-under-par 127, which was one shot off Thaworn Wiratchant's tournament record at Cengkareng Golf Club from two years prior.
First-round leader James Kamte, who polished off a 62 Friday morning, came back in the second round with a 3-under 67. He is tied for second place with Prom Meesawat, who fired a 63 in the round two, at minus-11.
Prayad Marksaeng and Martin Wiegele each shot rounds of 5-under 65 on Friday to share fourth at 10-under 130.
The first round was completed Friday after play was halted on Thursday due to torrential rain storms. The second round was completed on time to get the tournament back on schedule.
Aguilar began his second round on the 10th tee Friday and collected his first birdie at the par-4 11th, a hole he's birdied in each of the first two rounds.
He birdied the 14th and for the second day in a row, recorded back-to-back birdies at 16 and 17. Aguilar made the turn at 4-under 30 and carried a slim glimmer of hope for a magical round.
Unfortunately for Aguilar, his putter went cold. The flat stick did not go completely frigid, but Aguilar missed several makeable birdie putts on the second nine.
'I don't want to sound egotistical, but if I had putted really well today I could have had 13 or 14 under for the round,' said Aguilar. 'I felt like I was throwing darts at the pins.'
Aguilar parred his first two holes on the second nine, then notched back-to-back birdies from the third. He parred the fifth and once again tallied two birdies in row, this time from the sixth.
Aguilar closed with a pair of pars, but his putting did not tarnish an otherwise spectacular round. He estimated he faced only two putts longer than 15 feet, but failed to convert all of his great chances.
'I missed three of four 2- or 3-meter putts for birdie and didn't birdie the par-5 ninth,' he said. That's three or four shots right there, but I would take 8 under every day. Two more of those and I'll have a chance.'
Aguilar feels prepared to finally visit the winner's circle on the European Tour at the age of 33.
'I won twice on the Challenge Tour last year and have won a lot of tournaments at home so that will help, but they are all different,' acknowledged the Chilean. 'I just need to keep it going and try to enjoy it and have some fun out there. I do feel ready to win on The European Tour.'
Jeev Milkha Singh shot a 4-under 66 and is alone in sixth at minus-9. Liang Wen-Chong managed a 3-under 67 and has sole possession of seventh at 8-under 132.
Adam Blyth (67), Mark Brown (66), Joost Luiten (69), Chinnarat Phadungsil (64), Kyron Sullivan (68) and Ter-Chang Wang (64) are knotted in eighth place at 7-under 133.
Defending champion Mikko Ilonen is still in the hunt after two rounds. On Friday, he shot a 2-under 68 and is part of a group tied for 14th at minus-6. Wiratchant is also at that number after his second 67 of the tournament.
Darren Clarke shot 3-under 67 and fell eight back.
The 36-hole cut fell at 1-under-par 139 and one of last year's second-place finishers, Frankie Minoza, will miss the weekend. He missed the mark by two after back-to-back 71s.