Preheat your oven to 350°F (175°C) and prepare a 9x5-inch loaf pan with baking spray.

Peel and slice ripe peaches into thin wedges, then layer half at the bottom of the prepared pan.

Mix together ⅓ cup brown sugar, 1 teaspoon cinnamon, and a pinch of nutmeg; sprinkle half over peaches. Drizzle 2 tablespoons melted butter and 2 tablespoons rum over the peach layer.

In a bowl, beat together cream cheese and butter until smooth, then gradually mix in granulated sugar until fluffy.

Add 2 eggs, ¼ cup milk, and 1 teaspoon vanilla extract to the mixture, blending until smooth.

In a separate bowl, whisk 2 cups flour, 1 teaspoon baking powder, and ½ teaspoon salt, then gradually combine with the wet ingredients.

Spread half of the batter over the peaches, then layer remaining peach slices and brown sugar mixture. Top with remaining batter.

Bake for 45-50 minutes until golden and a toothpick comes out clean. Keep an eye on it to avoid overbaking.

For icing, whisk together 1 cup powdered sugar, 2 tablespoons milk, and 1 teaspoon vanilla until smooth.

Allow the cake to cool for 10 minutes before transferring to a serving plate and drizzling with icing.