1 cup evaporated milk
3/4 cup unsweetened cocoa powder
2 cups all-purpose flour
2 cups white sugar
3/4 teaspoon baking powder
3/4 teaspoon baking soda
1/2 teaspoon salt
1 cup butter, melted
1/4 cup water
2 teaspoons vanilla extract
1 (14 ounce) can sweetened condensed milk
1 (12 fluid ounce) can evaporated milk
3 tablespoons unsweetened cocoa powder
1/2 cup butter
Preheat oven to 175 degrees C. Grease and flour a 9 inch tube pan. In a saucepan over medium heat, combine the 1 cup of evaporated milk and the 3/4 cup of cocoa. Heat until the cocoa is dissolved. Remove from heat and set aside.
In a large bowl, combine the flour, sugar, baking powder, baking soda and salt. Add the eggs, melted butter, water, vanilla and the cocoa mixture, mix until well blended. Spread evenly into the prepared pan.
Bake for 40 to 45 minutes in the preheated oven, or until a toothpick inserted into the cake comes out clean.
To make the chocolate icing, combine the remaining condensed milk, evaporated milk, cocoa and butter in a saucepan. Cook over low heat, stirring constantly, until the mixture is thick and paste-like. Spread over cooled cake.