Using a spatula, fold in the flour by thirds just until it's combined.
Be extra careful not to over mix it batter, or the cake will lose its fluffiness.
Place the batter into a greased 9-inch pan and bake it for 30 minutes. To check doneness, stick a toothpick into the center of the cake. If it comes out clean, it's ready.
Using a stand mixer or hand mixer, beat the softened cream cheese and butter with the sweetened condensed milk. Next, add the coconut flakes and dry milk and beat until well combined.