Preheat oven to 325 F. Combine flour, baking powder, and salt in a small bowl. Beat sugar, butter and vanilla in a large mixer bowl until well blended. Beat in eggs, one at a time, beating well after each addition. Gradually beat in flour mixture alternately with milk. Stir in chocolate chips. Pour into greased and floured 10-inch bundt pan or two greased and flour 9x5 in loaf pans. Bake for 1 hr 5 min to 1 hr 15 min or until wooden toothpick comes out clean. Cool in the pan for about 15 minutes, on a wire rack. Remove from pan; serve warm with ice cream or cool completely on the rack. Sprinkle with powdered sugar before serving.