LATAM, Star Peru, LCPeru, etc are a member of IATA, which means they have to play by the rules set out by IATA. IATA has a consumer protection section that handles delays, cancellations, etc. More info:
EU / USA airlines need to comply with additional consumer protection. In case of European passengers/European airlines, airlines are required to compensate in case of a delay of more than 2 hours.
I can imagine that certain regulation does not exist in Peru. But you can always try to get compensation from the airline by referring to the consumer protection manifest of IATA.