Beat the cream cheese until smooth. Add the powdered sugar, 1/2 cup at a time, beating until smooth after each addition. Add the vanilla and almond extract, and beat well. Beat in the diced peaches. If the frosting is too thin at this point, beat in a bit of powdered sugar, 1 tablespoon at a time, until the desired consistency is achieved. Drizzle frosting over cooled cake, and garnish with sliced almonds, if desired.