Section 1
SECTION 1. Section 3 of Republic Act No. 6977 is hereby amended to read as follows: "SEC. 3. Small and Medium Enterprises 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 but 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 P1,500,001 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 motu 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 assets size."