Preheat the oven to 350 degrees F (175 degrees C). Grease and flour a 9x13 inch baking pan.
In a medium bowl, whisk together the flour, baking powder, baking soda, and salt. Set aside.
In a large bowl, cream together the butter and granulated sugar until light and fluffy.
Beat in the eggs one at a time, mixing well after each addition.
Stir in the vanilla extract.
Alternate between adding the dry ingredients and the milk to the wet ingredients, beginning and ending with the dry ingredients. Blend until just combined – don't overmix!
Pour the batter into your prepared pan and spread evenly.
Bake for 30-35 minutes, or until a toothpick inserted into the center comes out clean.
Let the cake cool completely in the pan.
Make the milk mixture:
In a medium bowl, whisk together the evaporated milk, sweetened condensed milk, and whole milk.
Soak the cake:
Poke holes all over the cooled cake using a fork or the end of a wooden spoon.
Pour the milk mixture slowly and evenly over the cake.
Cover the cake and refrigerate for at least 1 hour, but preferably overnight.
Make the whipped cream topping:
In a medium bowl, whip the heavy cream and powdered sugar until soft peaks form.
Stir in the vanilla extract.
Decorate the cake:
Spread the whipped cream evenly over the chilled cake.
Cut into squares and serve cold.
Notes
Use full-fat milk and heavy cream for the best flavor and texture.
For an extra decadent treat, sprinkle the whipped cream topping with cinnamon.
Add a handful of fresh berries for a delicious garnish.