Mexican billionaire Carlos Slim's phone giant America Movil said on Monday that it welcomes a telecoms reform proposal by Mexico's government that includes a measure to lift foreign investment limits in the telecommunications industry.

The government presented on Monday a bill that aims to loosen Slim's hold on the telecommunications market and curb top broadcaster Televisa's rule of the airwaves.

"We welcome, as we have said several times, an increase to 100 percent participation of foreign investment in telecommunications," America Movil said in a statement.

(Reporting by Michael O'Boyle)