HEAT oven to 350°F. Spray 12-cup fluted tube pan with no-stick cooking spray.
COMBINE sweetened condensed milk, shortening, brown sugar and eggs in medium bowl with electric mixer; mix well.
COMBINE flour, cocoa, baking powder, baking soda and salt in small bowl; stir into milk mixture just until moistened. Gradually add vanilla and water. Stir in chocolate chips. Pour into prepared pan.
BAKE 35 to 40 minutes or until wooden pick inserted near center comes out clean. Cool in pan 15 minutes; remove from pan. Cool 30 minutes.
SPOON some of the cherry filling over the cake. Slice cake; serve with remaining cherry filling.