This is the cheapest and easiest way to make dulce de leche if you can’t find the real deal in your place. The taste and texture is as close as it gets to the traditional dulce de leche.
Take out the paper wrapper of the condensed milk. Place it on its side, in a pot big enough to cover the can until 2 inches height. Fill the pot with water until 2 inches above the can. Bring it to simmer, cover the pot and cook for 3 hours.
Check the water level every 30 minutes. The water level SHOULD NOT at any time, be below the can. Keep adding hot water as needed. After 3 hours, remove the can from the pot and leave it to COOL COMPLETELY. Do not open it while it's still hot/warm.
When the can has cooled completely, open it and enjoy!