In a deep frying pan, bring the coconut milk to boil then lower it to medium heat.
Continue to stir the coconut milk until it releases its oil and coconut solids turn golden brown. Remove from the heat then separate the latik and coconut oil into separate bowls. Set both aside.
In a heavy-bottomed pot combine the carabao's milk, cornstarch, sugar, green food gel coloring, and pandan flavoring.
Bring to a simmer over medium heat, whisking frequently. Stir regularly for about 10-15 minutes or until the mixture thickens to a smooth thick paste.
Carefully transfer the milk mixture into a prepared pan. Evenly distribute the cooked mixture with a spatula and smoothen the top.Allow to cool slightly and set.
Brush the top generously with coconut oil and garnish with cooled latik. Cut into slices before serving.