Combine the evaporated milk, fresh milk, and corn kernels in a pot.
Stir in the cornstarch until well blended to thicken the mixture.
Add sugar and continue stirring until it dissolves completely.
Pour in water and bring the mixture to a boil while stirring frequently.
Once boiling, reduce heat and let the mixture simmer for about 5-10 minutes or until thickened to your desired consistency.
Serve hot with ice cubes on top.