
Add 2 packs of softened cream cheese into a stand mixer (or a large mixing bowl and use an electric mixer) and cream on low speed using a whisk attachment until cheese is lump-free.
(If you forget to take it out of the fridge in advance, you can unwrap the block and microwave for about 30 seconds.)
Once the cream cheese is lump free, add condensed milk and mix to incorporate.
Lastly, add thawed cool whip. Whip on medium-high speed until everything is well combined and the frosting is of thick consistency.
Pipe or spread onto cakes and cupcakes.
(If you forget to take cream cheese out of the fridge in advance, you can unwrap the block and microwave for about 30 seconds.)
Full-fat cream cheese is best to use for frostings such as Philadelphia. Using a full-fat cream cheese will allow the frosting to thicken and hold its shape helping you reach the fluffy frosting desired consistency.
Using condensed milk in this frosting recipe is what makes it delicious and not bland in my opinion, but if you do not have any on hand, you can substitute with confectioners' sugar. The amount needed will depend on how sweet you like your frosting. I recommend starting with a smaller amount and work your way up if needed. The great thing about using powdered sugar is that you can add more in the end if you need to and it will incorporate well without leaving any crystals.