Does your company have many Hispanic customers or clients? Do the customers or clients hear what you guys are saying sometimes?
I believe what you're experiencing with your co-worker is all too common. I've been through this before, too. What I would point out to your co-worker is that the things he complains about are not exclusive to any group or ethnicity. There are people who say similar things about eastern Europeans, Appalachian Americans ("hillbillies"), African Americans, and other ethnic groups.
I usually tell people that everyone is an individual, and it is not right to "paint everyone with the same brush" because they belong to a particular group.