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The Philippines inched closer to rewriting its constitution, a step that supporters said is aimed at easing investment restrictions, amid fears the move could pave the way for removal of public office term limits, including for the president.

House Speaker Martin Romualdez said on Monday the lower house, voting 301-6, approved a resolution calling for a constitutional convention, whose members will be elected by the public, that will draft the changes to the 1987 charter.

Romualdez, a cousin of Philippine President Ferdinand Marcos Jr, said in a statement that changes to the constitution would be limited to "restrictive" provisions that make it difficult for foreign businesses to invest in the Philippines.

He did not specify which provisions but foreign chambers of commerce have been pushing for changes to lift current limits to foreign investment, including the so-called 60-40 rule, which caps foreign ownership of local firms at 40 percent.

"We need additional investments that would create more jobs and income opportunities for people," Romualdez said.

But opposition lawmakers have questioned the need for the amendments and raised suspicions over the motivations behind them.

Edcel Lagman, one of the six who voted against the move, feared the entire charter, including provisions on term limits, would be opened up to revisions "which could be the furtive agenda" for calling for charter change.

The 1987 constitution limits Marcos to a single six-year term. The restriction was born of the country's experience of martial law under his namesake father, the late strongman Ferdinand Marcos, who ruled the country for more than two decades.

Marcos said last month changing the constitution was not on his list of priorities. He said the country could entice investments without revising the charter. (Reuters)