A Philippine freight railway project may be built with the support of the U.S. and Japan, an official in charge of it said, as Manila seeks alternative financing deals after dropping funding talks with China.

The 50 billion peso ($868 million) Subic-Clark railway, which will link the former U.S. military bases turned commercial hubs, is being pitched to form part of the Luzon Economic Corridor, a planned showcase of economic cooperation between the U.S., Japan and the Philippines that was hatched during the first trilateral summit among its leaders last week at the White House.

"Hopefully they take it and invest here,” Delfin Lorenzana, who chairs the Bases Conversion and Development Authority, said in a interview on Friday, referring to the U.S. and Japan. The agency oversees the development of former military bases.