Preheat oven to 350°F (175°C).

Butter and flour three 8-inch round cake pans, lining the bottoms with parchment paper.

Sift together cake flour and baking soda in a medium bowl.

In a large bowl, cream together butter and sugar until light and fluffy (about 5 minutes).

Beat in egg yolks one at a time.

Blend in the melted white chocolate mixture and vanilla extract.

At low speed, blend in the sifted flour mixture alternately with buttermilk, do not overbeat.

Fold in the shredded coconut and chopped pecans.

In a separate bowl, beat egg whites until stiff peaks form.

Gently fold 1/3 of the egg whites into the batter to lighten it, then carefully fold in the remaining egg whites.

Spoon the batter into the prepared cake pans.

Bake for 35-40 minutes, or until a toothpick inserted into the center comes out clean.

Let cakes cool in pans for 10 minutes, then invert onto wire racks to cool completely.

For the frosting: combine evaporated milk, sugar, butter, and egg yolks in a heavy medium saucepan.

Simmer over medium heat for 10 minutes, stirring constantly (do not boil).

Remove from heat and stir in vanilla extract, chopped pecans, and shredded coconut.

Place the saucepan into a bowl filled with ice and stir constantly until the frosting is cool and slightly thickened.

Place a cake layer on a serving platter and spread 1/4 of the frosting evenly over the cake layer to the edges.

Repeat with the second and third cake layers and remaining frosting, evenly frosting the top and sides of the cake.