Prepare lower part of steamer with water and bring to a boil.
In a large bowl, combine flour, sugar and baking powder. Mix well.
Add eggs on at a time and using an electric mixer, beat after each addition. Add milk and beat until smooth. Add water and continue to beat until batter is thin and smooth. Add butter and vanilla extract. Stir until well blended. Add ¾ of the cheese and stir until combined.
Fill molds with batter up to ¾ full. Arrange molds in a single layer on steamer rack and place over steamer. Lower heat to medium and steam puto for about 8 to 10 minutes or until toothpick inserted comes out clean. Turn off heat and top each puto with the remaining ¼ cup of cheese. Cover for about 1 minute to allow residual heat to melt cheese. Allow puto to slightly cool before removing from molds.
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