1. COMBINE the reserved cherry juice and sugar in a saucepan and bring to the boil, stirring until the sugar has dissolved. Simmer until liquid is reduced to ¾ cup. Cool for 5 minutes before adding the chocolate and stirring until melted and smooth.
2. WHISK the PHILLY cream cheese, icing sugar and rum until smooth.
3. SPOON half of the cherry sauce evenly into the base of 8 serving glasses or jars. Sprinkle half the meringues and cherries into the glasses, followed by half the PHILLY mixture. Repeat the layers then finish with the reserved meringues. Chill for 1 hour prior to serving.