Section 1May 6, 1997, Sec./Art. 1

Sec. 3 of Republic Act No. 6977 is hereby amended to read as follows:

"Sec. 3. Small and Medium Enterprise as Beneficiaries. - 'Small and Medium Enterprise' shall be defined as any business activity or enterprise engaged in industry, agribusiness and/or services, whether single proprietorship, cooperative, partnership or corporation whose total assets, inclusive of those arising from loans butt exclusive of the land on which the particular business entity's office, plant and equipment are situated, must have value falling under the following categories:

Micro

less than

P 1,500,001

Small

P1,500,001

P15,000,000

Medium

P15,000,001

P60,000,000

"The above definitions shall be subject to review and adjustment by the said Council moto proprio or upon recommendation of sectoral organization(s) taking into account inflation and other economic indicators. The Council may use as variables the number of employees, equity capital and asset size."