1. Whisk eggs and sugar until they double their volume, add grated lemon zest and vanilla extract, set aside.
2. In a bowl sift flours, baking powder, and salt, set aside.
3. In another bowl, combine Evaporated Milk, water and oil, set aside.
4. Add dry ingredients into the egg and sugar mixture, alternately with wet mixture (beginning and ending with flour mixture) until you obtain a soft dough. Fold in raisins and cherries.
5. Pour batter into a prepared baking pan (previously greased and floured), and bake in preheated oven at 350ºF (180˚C) for 45 minutes or until toothpick comes out clean
6. Remove from the oven, allow to cool in the pan for 15 minutes. Remove from pan and cool completely. Serve with Sweetened Condensed Milk.