92
S. No. 1283
H. No. 9069
Republic of the Philippines
Congress of the Philippines
Metro Manila
Tenth Congress
Second Regular Session
Begun and held in Metro Manila, on Monday, the twenty-second day of
July, nineteen hundred and ninety-six.
REPUBLIC ACT NO. 8289
MAGNA CARTA FOR SMALL ENTERPRISES
Republic Act No. 6977, As Amended by Republic Act No. 8289
AN ACT TO STRENGTHEN THE PROMOTION AND DEVELOPMENT OF,
AND ASSISTANCE TO SMALL AND MEDIUM SCALE ENTERPRISES,
AMENDING FOR THAT PURPOSE REPUBLIC ACT NO. 6977, OTHERWISE
KNOWN AS THE "MAGNA CARTA FOR SMALL ENTERPRISES" AND
FOR OTHER PURPOSES.
Be it enacted by the Senate and House of Representatives of the Philippines
in Congress assembled:
CHAPTER 1
Section 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
:
not more than P3,000,000
small
:
P3,000,001 - P 15,000,000
medium :
P15,000,001 - P100,000,000
"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