Preheat the oven and prepare the pan

Preheat your oven to 350°F (175°C).

Grease and flour an 8-inch round cake pan, or line it with parchment paper for easy removal.

Mix the dry ingredients

In a medium bowl, whisk together the flour, baking powder, baking soda, and salt. Set aside.

Cream the butter and condensed milk

In a large bowl, beat the softened butter and sweetened condensed milk together until the mixture is smooth and creamy. This should take about 3-4 minutes.

Add the eggs, one at a time, beating well after each addition. Stir in the vanilla extract.

Add the dry ingredients and milk

Gradually add the dry ingredients to the wet mixture, alternating with the whole milk. Begin and end with the dry ingredients. Mix until smooth, but be careful not to overmix.

Bake the cake

Pour the batter into the prepared cake pan and spread it out evenly.

Bake for 30-35 minutes, or until a toothpick inserted into the center comes out clean.

Let the cake cool in the pan for 10 minutes before transferring it to a wire rack to cool completely.

Serve and enjoy

Once the cake has cooled, slice and serve! You can enjoy it plain, or top it with whipped cream, fresh fruit, or a drizzle of chocolate sauce for extra indulgence.