SENATE BILL

JUL
21
2016

SBN-820: Expanding the Coverage of the Magna Carta for Micro, Small and Medium Enterprises (MSMEs)

An Act To Expand The Coverage Of Micro Enterprises As Beneficiaries Of The Magna Carta For Micro, Small And Medium Enterprises Or Republic Act No. 6977, As Amended By Republic Act No. 9501

  • Amends the definition of Micro and Small Enterprises in Section 3 of the Magna Carta of Micro, Small and Medium Enterprises of R. A. No. 6977, as amended by R. A. 8281, and further amended by R. A. 9501.
  • The amendment redefines Micro and Small Enterprises based on the value of total assets (inclusive of those arising from loans but exclusive of the land on which the business entity’s office is situated), as follows:
    • Micro enterprises to “not more than P7,500,000” from “not more than P3,000,000”, and of Small enterprises to “more than P7,500,000 to P15,000,000” from “P3,000,001 – P15,000,000”.

 

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