Prepare the yeast mixture by combining the warm water, sugar, and instant yeast. Stir well and let it bloom for about 5 minutes.
Drain the soaked rice thoroughly using a strainer.
Place the soaked rice and evaporated milk into a blender. Blend for about 2 minutes or until completely smooth.
Add the cooked rice, sugar, salt, and bloomed yeast. Blend again until smooth.
Strain the batter into a bowl.
Cover tightly with cling wrap and then a towel to help maintain a warm environment. Ferment for 2 hours.
While waiting, lightly heat the banana leaves directly over the stove until softened.
Cut the banana leaves into approximately 6-inch circles and line the 4-inch molds.
After fermentation, stir the batter to deflate it. Add the egg yolks and mix until fully incorporated.
Pour approximately ⅓ cup plus 1 tablespoon of batter into each prepared mold.
Top each bibingka with slices of salted egg.
Bake in a preheated 170°C (338°F) oven for about 30 minutes or until fully cooked.
Immediately brush with butter while still hot.
Top generously with grated cheddar cheese and freshly grated coconut.
Serve warm and enjoy.