Drain the crushed pineapple and reserve the liquid. Set aside until ready to use.
Preheat oven to 350°F. Grease a 8" round cake pan. Line the pan with parchment paper and lightly grease it.
In a medium size bowl, sift flour, baking powder, baking soda and salt.
In another mixing bowl, beat oil and sugar until the sugar is dissolved. Add condensed milk, milk, vanilla extract and ½ cup of drained pineapple. Mix everything until well combined.
Pour into the prepared pan and bake for 25~30 minutes or until a cake tester inserted into the middle of the cake comes out clean.
Let the cake cool in the pan for 5 minutes. Remove from the pan and let cool completely on a wire rack.