HEAT oven to 350°F. Coat 9- x 9-inch baking pan with no-stick cooking spray.
COMBINE sweetened condensed milk, lemon juice and 2 tablespoons flour in large bowl. Stir in peaches. Spread evenly in prepared pan. Bake 15 minutes.
MIX 1 cup flour, sugar, baking powder and shortening in large bowl with a fork until crumbs form. Stir in milk. Place teaspoonfuls of dough over hot peaches, covering top surface. Sprinkle with cinnamon-sugar mixture.
BAKE 35 to 40 minutes or until peaches are fork tender and top is golden brown. Cool 20 minutes before serving.
FRESH CREAMY PEACH COBBLER - Use 4 cups sliced fresh peaches in place of frozen peaches.
QUICK CREAMY PEACH COBBER - Use 1 (29 oz.) can sliced peaches, drained, in place of frozen peaches.