Place flour, baking powder and salt in medium bowl; stir to combine. Beat butter and sugar in a large bowl with electric mixture at medium speed until light and fluffy. Beat in eggs, 1 at a time. Beat in liqueur to extract and add water. Gradually add flour mixture. Beat at low speed, scraping down the side of bowl occasionally. Stir in chips and almonds.

Divide dough into fourths. Spread each quarter evenly down center of waxed paper. Using waxed paper to hold dough, roll back and forth to form 15-inch log. Wrap log in plastic wrap. Refrigerate until firm, about 2 hours.