Place the rack in the middle of the oven and preheat to 350 degrees Fahrenheit.
Wipe down the banana leaves with a dry kitchen towel and line 5-inch circles of it in cupcake tins.
Butter and brush ¼ cup of melted coconut oil onto the banana leaf-lined muffin tins.
In a large bowl, whisk together the dry ingredients (rice flour, glutinous rice flour, baking powder, cinnamon, salt and sugar).
In a separate bowl, whisk and combine the wet ingredients (butter, eggs, vanilla, unsweetened coconut milk and sweetened condensed milk).
Pour the wet ingredients into the dry ingredients and whisk until fully incorporated.
Spread the batter evenly amongst muffin tins (about 3 tablespoons of batter each) and bake for 20-25 minutes until a wooden skewer inserted into the center of a bibingka comes out clean.
While cakes are baking, toast coconut flakes in a saucepan over low heat for 5-7 minutes until the coconut flakes are flagrant and golden brown.
Top each bibingka with ½ tablespoon of horchata glaze and toasted coconut flakes while cakes are still warm.