Preheat the oven to 350°F (175°C). Prepare the cake pans by greasing them and lining the bottoms with parchment paper.
In a mixing bowl, sift together the flour, baking powder, and salt. Set aside.
In a large bowl, beat together the softened butter and sugar with an electric mixer until light and fluffy.
Add the eggs one at a time, beating well after each addition along with the vanilla extract.
Gradually add the flour mixture alternately with the milk, beginning and ending with the flour mixture. Mix in the melted white chocolate until well combined.
Divide the batter evenly between the two prepared pans, smoothing the tops.
Bake in the preheated oven for about 25 minutes, or until a toothpick inserted into the center comes out clean. Allow the cakes to cool in the pans for 10 minutes before transferring them to a cooling rack.
To make the frosting, combine sugar, evaporated milk, butter, and beaten egg yolks in a saucepan over medium heat. Cook, stirring constantly, until the mixture thickens (about 10 minutes).
Remove from heat and stir in coconut, pecans, and vanilla extract. Let it cool to room temperature until it thickens further.
Once the cakes are completely cooled, place one layer on a serving plate and spread a generous amount of frosting on top. Place the second cake layer on top, then frost the top and sides of the cake with the remaining frosting.