(Yicai Global) Jan. 26 -- China Railway Group and two of its units have won a PHP141.8 billion (USD2.8 billion) project to build the Philippines’ fastest and longest rail link. It is the country’s largest-ever single contract for a railroad. China Railway’s shares rose.

The Chinese state-owned contractor will oversee the engineering, procurement, and construction of the 380-kilometer line and 23 stations, the Beijing-based company said late yesterday, citing the deal it recently signed with the Philippines’ transport department.

Shares of China Railway [SHA: 601390] closed 3.2 percent higher today at CNY6.47 (USD1.02). The stock has climbed 11.7 percent since the start of the year.

The PNR South Long Haul Project, also called PNR Bicol, will be completed in 36 months, China Railway noted. Passenger trains will run at a speed of between 120 km per hour and 160 km/h, while freight trains will travel at between 80 km/h and 100 km/h on the line.

The link will connect Calamba in Laguna province with Legaspi in Albay province, and will shorten the travel time between Metropolitan Manila and the Bicol region to four hours from 12 hours, China News Agency reported on Jan. 20.

Editor: Futura Costaglione