PREHEAT oven to 350°F. Place 1 cup of the sugar in small heavy saucepan; cook on medium heat until sugar is melted and deep golden brown in colour, stirring constantly. Immediately pour into 9-inch round cake pan; tilt pan to evenly cover bottom of pan with syrup. Set aside.

PLACE evaporated milk and cream cheese in blender container; cover and blend until smooth. Add remaining 1 cup sugar, the eggs, salt, coconut and rum; cover and blend well. Pour over syrup in pan; cover with foil. Place in a larger shallow baking dish that is filled with enough hot water to come halfway up outside of cake pan.

BAKE 50 min. to 1 hour or until knife inserted near centre comes out clean. Carefully remove cake pan from water bath; place on wire rack to cool. Refrigerate 4 hours or overnight. Let sit in water bath for 1 min. Run knife or metal spatula around rim of pan to loosen flan; invert onto serving plate to unmould. Remove pan.