Make the latik: Cook the coconut cream over medium heat until the oil separates and the curds turn golden. Strain and set aside.
Prepare the platter: Line a platter with banana leaves if using. Lightly brush with coconut oil.
Mix the ingredients: In a pan, combine coconut milk, glutinous rice flour, brown sugar, mashed ube, ube extract, vanilla, and salt. Mix until mostly smooth.
Whisk until thickened: Place over medium heat and whisk for about 5 minutes, until it starts to thicken and become sticky.
Cook and stir: Switch to a spatula. Lower the heat and keep stirring and scraping the pan for about 30 minutes, until thick and sticky.
Add the coconut oil: Add 2–3 tablespoons of the coconut oil from the latik. Mix until smooth and glossy.
Check if it’s ready: Cut through the kalamay with a spatula. If it holds its shape, it’s ready.
Transfer and spread: While still warm, transfer to the platter and spread evenly.
Cut and top: Cut into squares or diamonds. Top with latik.
Serve: Serve warm for a soft texture or let it cool if you prefer it firmer.