Preheat oven to 350 degrees (F)
With a hand mixer or whisk, cream the soften butter and sugar until light and fluffy. Roughly 2-3 minutes.
Slowly add in the eggs, one at a time.
Once smooth and silky, add in the extracts and quickly mix.
In another bowl, combine the cake flour, baking powder, and salt. Sift until fully incorporated.
In small batches, fold the wet and dry ingredients together. It is best to use a spatula in this step, since the batter while be thick.
Line a 9x13 baking dish with parchment paper and add half of the cake batter. Smooth the top ensuring the layer is even.
On top of the bottom layer, add slices of guava paste. Slices should be 1/4- 1/2 inch thick. Cover the entire bottom layer.
Cover the guava paste with the remaining cake batter and smooth evenly.
Bake the panetela for 35 minutes until a very light brown exterior.
Cool the cake for 15 minutes, before sprinkling the powdered sugar on top.