The present constitution would limit Aquino, elected in 2010, to a single six-year term. The restriction was born of the country's experience of martial law under the late strongman Ferdinand Marcos, who ruled for more than two decades.
Aquino, speaking in an interview with a local television network, was asked whether charter changes would allow him to seek a second term in 2016.
"When I got into this, I remembered it is for one term of six years," he replied.
"Now after having said that, of course I have to listen to my bosses," he added, using his usual reference to the Filipino people. "But that doesn't mean...that I will automatically chase after another term, right?"
It was Aquino's first comment on reconsidering his stated position against amending the constitution passed during the term of his mother Corazon, who was closely associated with the re-establishment of a democratic order.
President Benigno Aquino said on Wednesday he was considering constitutional changes including adjustment of term limits for officials that might allow him to serve a second six-year term.
But always remember that any constitutional amendment would require a vote of three quarters in Congress and convocation of a constitutional convention. Aquino's allies currently dominate both houses of Congress.