COMBINE flour and baking powder; set aside. Bring water and butter to boil in heavy saucepan on medium-high heat; continue boiling until butter is completely melted, stirring occasionally. Remove from heat.
ADD flour mixture gradually, stirring until mixture is well blended and forms dough which pulls away from side of pan. Place in large bowl of electric mixer fitted with paddle attachment. Add eggs; beat on medium-high speed until dough is smooth and glossy.
HEAT oil in large skillet on medium-high heat or in deep-fat fryer set at 375°F. Carefully drop dough by tablespoonfuls, in batches, into hot oil; cook 3 to 4 min. or until puffed and golden brown. Drain on paper towels. Top each buñuelo with 1 tsp. of the syrup just before serving.