In a large saucepan, combine the evaporated milk, sweetened condensed milk, sugar, water, vanilla extract, cinnamon, nutmeg, and salt. Stir well to combine.
Heat the mixture over medium heat, stirring occasionally until the sugar has dissolved and the mixture starts to boil.
Reduce the heat to low and let the mixture simmer for about 45 minutes, stirring occasionally. The mixture will thicken and darken in color.
In a separate bowl, whisk together the cornstarch and water until smooth.
Slowly pour the cornstarch mixture into the saucepan while stirring constantly.
Let the mixture simmer for an additional 10-15 minutes, stirring occasionally, until it thickens to a pudding-like consistency.
Remove the saucepan from the heat and let the mixture cool for a few minutes.
Pour the mixture into a greased 8x8 inch baking dish and smooth out the top.
Let the mixture cool to room temperature, then refrigerate for at least 4 hours or overnight.
Once the mixture has set, cut it into squares and serve.
Stir occasionally to prevent scorching.Use a non-stick saucepan to prevent sticking.Let the mixture cool before pouring it into the baking dish to prevent cracking.