This is what we call in Visaya as 'Lana sa lube' or coconut oil. Yes, it can be used to cook different dishes. And also the solid brown particles or residue is called 'lunok' which tastes sweet. Maybe it can be used as sandwich.
Reminds me of a simple yet happy life in the province several years ago. Thanks @edver143 for sharing.
Thank you sir @natsve54 for your appreciation. That's right. Using this homemade oil have promising results that the commercial edible oil can't give.