Wash malagkit very well. Drain. Cook with coconut milk, salt, and sugar in a wok, stirring constantly.
When mixture is almost dry, stir to prevent it from sticking to bottom of wok.
Reduce heat, and cover mixture with banana leaves for a few minutes.
Wrap 2 tablespoons of cooked malagkit in wilted banana leaves.
Tie in pairs, and steam 30 minutes in a big pot.
Serve with hot chocolate or ripe mangoes.