Step 1: Prepare the gelatin. In a saucepan, combine 1 cup young coconut water, 1 cup water, and 1 tbsp agar-agar powder. Whisk well to dissolve the agar-agar.
Step 2: Bring the mixture to a boil over medium heat, stirring constantly, for 1-2 minutes until the agar-agar is fully dissolved. Pour the mixture into a shallow dish and let it cool completely at room temperature, then transfer to the refrigerator to set for at least 1 hour, or until firm.
Step 3: Once the gelatin is firm, cut it into small cubes or strips.
Step 4: In a large mixing bowl, combine the 2 cups young buko strips, 1 cup drained kaong, and 1/2 cup cooked tapioca pearls. Add the prepared gelatin cubes.
Step 5: In a separate bowl, whisk together the 1 pack (300 ml) all-purpose cream and 1 can (300 ml) condensed milk until smooth and well combined.
Step 6: Pour the cream and condensed milk mixture over the buko and other ingredients in the large mixing bowl. Gently fold everything together until all components are evenly coated.
Step 7: Cover the bowl with plastic wrap and refrigerate for at least 1 hour, or preferably 2-3 hours, to allow the flavors to meld and the salad to chill thoroughly before serving.