Philly cream cheese or Philadelphia cream cheese is known by this name because in 1880 Philadelphia was considered as the top producer of quality food. Philly cream cheese is a white, mild tasting smooth cheese. It contains 33% milk fat. Philly cream cheese used in making many baked items and savory desserts like bread, bagels, cheesecakes and fruit salads. It is also included as a min ingredient in an American Chinese dish called â€˜Crab Rangoonâ€™. Sometimes, Philly cream cheese is used instead of butter and olive oil.