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, has a value of not more than P3,000,000. This definition is subject to review and adjustment by the Small and Medium Enterprises Development (SMED) Council, using variables such as the number of employees, equity capital and assets size. (R.A. 6977, as amended, also known as the “Magna Carta for Micro, Small and Medium Enterprises,” Sec. 3) See Small Enterprise and Medium Enterprise.