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Preheat oven to 350 degrees Sift together the flour and baking powder. In a large mixing bowl, cream the 1 cup sugar and the butter with an electric mixer until well blended. Add the eggs and 1/2 tsp vanilla and beat until foamy. With a rubber spatula, gently fold in the flour mixture in increments, alternating with 1/3 cup milk, until the batter is smooth.
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Pour cake batter into a lightly greased cake pan or baking dish 7 by 11 by 2 inches and bake for 30 minutes, or until a toothpick inserted in the center comes out clean and he top springs back when pressed. Allow cake to cool in the pan for 20 minutes, then invert onto a serving platter. Pierce the cake with a fork in many places, and allow it to cool completely. In a medium mixing bowl, whisk together the condensed milk, evaporated milk, 1 cup milk and rum until well blended. Pour syrup evenly over the cake a little at a time until it is saturated; you may not need the entire amount. Refrigerate, covered in plastic wrap for at least 3 hours. Serve with whipped cream topping.
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