MEXICO CITY (AP) — Mexico's President Enrique Pena Nieto says the long-time ruling party should consider changing its name after its July 1 election defeat.

The Institutional Revolutionary Party has held the presidency for all but 12 of the last 88 years. But the party known as the PRI came third in presidential elections and will be the fifth-largest force in the lower house of Congress.

Pena Nieto told the newspaper La Jornada in an interview published Friday that the PRI should change "its name and essence, because if you keep the names it won't work."

He said the elections showed "the erosion and rejection of the PRI as a brand."

The party won 42 of the 500 seats in the lower house. It came third in the Senate, with 14 of 128 seats.