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SMEs play an important role particularly in industrial production and economic growth in less developed, developing and transitional economies worldwide.
II. DEFINITION OF SMALL AND MEDIUM ENTERPRISE
There is no regional, or global concensus on the definition of an SMEs. Different countries adopt different criteria such as number of employees, invested capital, shareholders funds, sale volume and production capability for defining SMEs. The most commonly used index is the number of employees. A summary of the definition of SME can be seen at the table below:
Recently, Republic Act No. 9178, otherwise known as the Barangay Micro Business Enterprise (BMBE) Act of 2002 has redefined the categories...
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