Reading a file inside makefile

I want to read a file called metafile inside a makefile.

metafile looks something like this:
file1
file2
file3

I need to read this metafile inside my makefile line by line and check if the files mentioned inside exists or not and only print names of files which exists.

I've tried a few things without success. like:

FILE=`cat metafile`
for line in $(FILE); if [ -e $${line} ]; then echo $${line} fi; done;