"I acknowledge the lack of insight and I apologize to my fellow countrymen," Piñera said in a speech from the presidential palace in Santiago.
Piñera also said that the pension system as well as health care should be reformed and that minimum wages and electricity prices should be reviewed.
- We have humbly and clearly received the message that the Chileans have given us, says Piñera.
The recent weeks' protests in Chile are the most extensive since the Pinochet era and at least 15 people have died.