The Philippine Securities and Exchange Commission (SEC), in its En Banc Resolution dated August 13, 2009, adopted a definition of "small and medium entities" that includes a size criterion.
An entity is an SME if:
a. The entity has total assets of between P3 Million and P350 Million or total liabilities of between P3Million and P250 Million;
b. It is not required to file financial statements under SRC Rule 68.1;
c. It is not in the process of filing its financial statements for the purpose of issuing any class of instruments in a public market;
d. It is not a holder of a secondary license issued by a regulatory agency, such as bank (all types of banks), an investment house, a finance company, an insurance company, a securities broker/dealer, a mutual fund and a pre-need company; and
e. It is not a public utility.
Source: Guide to PFRS for SMEs 2010 Edition
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