MANILA, Philippines--Petron Corp., the country's largest oil retailer and refiner, said Wednesday its board of directors had approved funding requests for three logistics projects worth at least P50 million.

Petron president Eric O. Recto declined to cite these specific projects, however, so as not to alert the competitors.

In a disclosure to the Philippine Stock Exchange, Petron also said that its board of directors had approved Tuesday morning the authority to reclassify unissued common shares into preferred shares.

It likewise granted management the authority to transact with trust departments of banks on investments and borrowings.

Petron is pursuing expansion projects designed to increase its retail network and improve the output of its 180,000 barrel-per-day Bataan refinery.