Rinse the rice. Cook with water, 1 cup coconut milk, and a pinch of salt until the liquid is absorbed. Remove the lid and let cool.
Cook 1 can coconut milk until the oil separates and the curds turn golden. Strain, saving both the latik and oil.
Soften banana leaves over a flame. Line a tray and brush with latik oil.
Combine the remaining coconut milk, another can of coconut milk, panutsa, anise seeds, and a pinch of salt in a pan. Bring to a boil and cook for about 15 minutes, until slightly thickened.
Add the rice. Cook over medium heat for about 20 minutes, stirring constantly, until thick and sticky.
Spread in the prepared tray, smooth the top, and brush with latik oil. Let cool slightly, then slice and top with latik.
Video
Notes
Glutinous rice: Also called malagkit or sticky rice. Makes biko soft and chewy.
Coconut milk: Fresh or canned works. Coconut cream makes it thicker.
Panutsa: Cane sugar with a caramel taste. Dark brown sugar or muscovado also works.
Anise seeds: Add a mild licorice taste. Use ginger, vanilla, or pandan instead, or leave out.