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MANILA - Provisions on foreign ownership of business must be "more flexible," Senate President Aquilino Pimentel III on Thursday said, as lawmakers discussed possible amendments to the Constitution.

The extent of foreign ownership should be determined by lawmakers, Pimentel told ANC. Currently, the 1987 Charter limits foreigners to 40 percent ownership.

"We will make our constitution and institutions more flexible... by delegating the power of determining to the national Congress," Pimentel said.

"Let future congresses determine this by law," Pimentel said.

Last year, President Rodrigo Duterte issued a memorandum that directed the National Economic and Development Authority to take "immediate steps" to lift or ease restrictions on foreign investments.

• Duterte seeks 'immediate steps' to ease foreign investment limits

Businessmen have pushed for the easing of foreign ownership limits to help spur investments in the country.