Heat oven to 350°F. Grease 12-cup fluted tube (Bundt) cake pan with baking spray with flour.
In a small saucepan, heat condensed milk and chocolate chips over medium-low heat, stirring occasionally, until chocolate is melted. Remove from heat. Set aside to cool slightly.
In a medium bowl, mix flour, baking powder, baking soda, pumpkin pie spice and salt until blended and set aside.
In a large bowl, beat butter, sugar and brown sugar with electric mixer on medium speed about 2 minutes or until well blended. Add eggs, one at a time, beating well after each addition. On low speed, beat in flour mixture in 3 additions alternating with pumpkin until well blended (batter will be thick).
Spoon 2/3 of batter into pan, bringing batter up about 1 inch on pan. Stir chocolate mixture; spoon into center of batter, being careful not to touch sides of pan. Spoon remaining cake batter over filling and smooth the top.
Bake 55 to 65 minutes or until toothpick inserted in center of cake comes out clean and center of crack is dry to touch. Cool cake in pan 15 minutes. Remove from pan to cooling rack. Cool completely, about 1 hour.
Dust with confectioners' sugar to serve.