The Philippines is one of the world's biggest importers of the grain and its retail rice prices climbed further last month, with some varieties surging as much as 25% in some markets in and around the capital.

The ceiling price for eggs meanwhile will range from 45 sen each for Grade A eggs to 41 sen for Grade C.

They say this will only lead to market inefficiency.

The price ceiling will come into effect on Jan 15 under the Price Control and Anti-Profiteering Act 2011.