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HEAT oven to 350ºF.
MIX flour and baking powder; set aside. Beat cream cheese, butter, sugar and vanilla in large bowl with mixer until blended. Add eggs, 1 at a time, beating after each until blended. Gradually beat in flour mixture on low speed until blended.
POUR into 12-cup fluted tube or 10-inch tube pan sprayed with cooking spray.
BAKE 1 hour or until toothpick inserted near center comes out clean. Cool in pan 10 min. Loosen cake from sides of pan with knife. Invert cake onto wire rack; gently remove pan. Cool cake completely.