Preheat your oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.
In a medium bowl, whisk together flour, baking powder, baking soda, and salt. Set aside.
In a large mixing bowl, cream softened butter and sugar until light and fluffy.
Add eggs one at a time, beating well after each addition. Mix in vanilla and coconut extracts.
Gradually add the dry ingredients to the wet ingredients, alternating with coconut milk. Begin and end with the dry ingredients. Mix until just combined.