In a mixing bowl, combine the Me & Ube powder and warm water until they form a paste. Leave it to soak for 30 minutes to 1 hour. Add the ube flavoring and food color into the paste and set aside.
Whip up the all-purpose cream in a bowl until "stiff peaks" form. Peaks are stiff when whisk is lifted upside down and then turned. Those peaks should hold and point straight up without collapsing. The mixture should be thick and heavy, and once done, add the condensed milk.
Combine the whipped cream and the ube paste together and churn. Once done, place the mixture into an airtight container and place into the freezer overnight.