Whisk together the flour, baking powder, and salt in a medium bowl, and set aside.
In a large bowl, beat the softened cream cheese and butter until both are smooth and combined. Add in the sugar, and beat until the mixture is not grainy.
Beat in the egg, vanilla extract, and almond extract. Add the dry ingredients into the wet ingredients in 3 parts, and continue to beat until the cookie dough comes together. Cover and chill the dough overnight or for at least 2 hours.
After the dough has chilled, preheat the oven to 350°, and prepare 1-2 baking sheets with a silicone baking mat or parchment paper.
Remove the dough from the fridge, and using a cookie scoop, make 12 dough balls per baking sheet, rolling them with your hands to smooth out the dough.
With the back of your cookie scoop, create an indent in the middle of each cookie. Chill the rolled cookies in the freezer for 5-10 minutes.
While the cookies are chilling, add the guava paste to a small bowl, and warm it up at 30-second intervals in the microwave until it's loose and gooey. If it is too thick, add 1 tablespoon of light corn syrup to thin it out.
Take the cookies out of the freezer, and spoon ½ teaspoon of guava paste into the center of each cookie.
Bake for 15 minutes or until the cookies are lightly brown on the sides and have browned on the bottom.
Allow the cookies to cool on a rack. Dust cookies with confectioners’ sugar using a strainer or flour sifter. Store in an airtight container for up to 5 days.
