China, Philippines sign contract to build railway on main Luzon Island

MANILA, Jan. 16 (Xinhua): China and the Philippines signed a contract on Saturday to build a railway on the main Luzon Island, the Chinese Embassy in Manila has said.

The Subic-Clark railway project, which will cost approximately US$940 million, will be bank-rolled by China, and it will be the highest-funded G-to-G cooperation project between China and the Philippines so far.