To make frosting, combine all purpose cream with confectioner's sugar, buko pandan flavoring and food coloring using a mixer. Beat until light and fluffy and almost double in volume. Set aside and refrigerate.
Halve the cake horizontally, spread around 2 tablespoons of macapuno on top of the bottom slice then top with the other slice.
Spread chilled frosting on the top and sides of the prepared cake. Decorate with chocolate shavings and candy sprinkles if desired.
Chill for at least 30 minutes before slicing and serving.