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Prep: Grease a 13x9 pyrex pan or smaller and preheat oven to 325 degrees.
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Mix flour and baking powder and sift several times.
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Sponge Cake: Beat the eggs and salt in a mixer (without separating the whites from yolks).
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When the eggs are foamy, starting adding the sugar gradually and beat well until mixture changes color (turning light lemony color).
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Stop mixer and pour in the 1/4 c milk, mixed with the vanilla, all at once.
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Then add flour, 1/3 at a time.
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Mix the last third of flour by hand, folding it gently so as not to deflate the egg/flour mixture.
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Place in prepared pan and bake for 25 minutes or until lightly browned on top.
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While the cake is cooking, mix the three milks* (condensed, evaporated, whipping cream) in a pan and bring to a soft boil to reduce so it won't be so runny when you pour it over the sponge cake.
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Let mixture cool, don't pour it when it's still very hot.
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Rum extract may be added to milk mixture if desired.
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When cake is done and has rested a few minutes, poke holes with a toothpick and gently pour the milk mixture, waiting for the milk to be absorbed by the cake before you pour some more.
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You may tip the pan to the sides so the milk is evenly distributed throughout the cake.
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Let it rest to cool enough so the vapor will not condense when you cover with plastic wrap.
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Let it cool completely in the refrigerator for a few hours before serving or overnight.
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Add cool whip on top when ready to serve.
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You may sprinkle the top with toasted slivered almonds or toasted coconut.