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Sift together the flour and baking powder.
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In another bowl, cream 1 cup of sugar and the butter until well blended.
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Add the eggs and ½ teaspoon vanilla extract and beat until foamy.
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Gently fold in the flour mixture, gently mixing until the batter is smooth.
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Pour into a lightly greased square cake pan and bake in a preheated oven (350°F) for 30 minutes; allow cake to cool.
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Whisk the condensed milk, evaporated milk, milk and rum together until well blended.
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Pour mixture over the cake.
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Cover with plastic wrap and refrigerate for 3 hours.
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Whisk the heavy cream until it begins to thicken.
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Add 1 teaspoon sugar and vanilla extract, and continue whisking until stiff peaks form.
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Spread this cream over the top and sides of the cake.
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Cut into squares.
