Preheat oven to 375 degree F.
Blanch peaches in boiling water for 1 minute to ease removal of skin. Pitt and slice into 1/2 inch slices. In a large bowl, toss peaches with 3 tablespoon of sugar and cornstarch. Set aside.
In medium size bowl stir flour, baking powder, and 2 tablespoon sugar until well blended. Add whipping cream until just blended. Turn out on a lightly floured surface and knead until smooth. Using hands, press on an ungreased large cookie sheet forming a 10-12 inch round about 1/4 inch thick.
Next using electric mixer, beat cream cheese in medium size bowl adding the 1/4 cup of sugar and almond extract. Spread mixture over dough to within 2 inches of the edge.
Spread prepared peaches over the cream cheese mixture and top with the sliced almonds. Fold the 2 inch edge of dough over the fruit mixture. Pleat the dough as the edge folded.
Bake 30 to 35 minutes until golden brown. Cool 10 minutes. Good served warm and cooled.