Another famous Ilonggo dish though other places outside the region have their own version. 
I remember asking why it is called binakol and I was answered that the native chicken was literally "binakol" (hit with a stick) to make the juices (and blood) to be distributed uniformly making the chicken it more flavourful. Such a tragedy in making this feel good soup and I really hope it wasn't like that.
Its a simple dish wherein all ingredients are stuffed inside a bamboo tube and cooked in embers not fire. It is almost like cooking tinola but its the coconut water that makes the difference. Ofcourse, you can cook binakol at home without the bamboo tube hassle.
There are many recipes online yet I have this recipe based on what I've eaten at Butot' Balat. Saute chicken and potato in garlic, onion and tomato (ginger-optional). Then add coconut water (and meat-optional) and bring to a boil. You can also add bellpeppers and broth cubes for enhancements. If ever you can get fresh bamboo tubes, just cut them into pieces and placed them inside the pan to "extract" bamboo essence making a more "authentic" recipe.
One variation we do at home is to wrap bite-sized chicken pieces in banana leaves together with onions,tomatoes and garlic (plus potatoes,etc) then boil it in coconut water.
Binakol was once featured on local TV and it was Breakthrough Restaurant's recipe. It was almost like one above but interestingly they served it not on bamboo tube but inside a green coconut shell.
Here's and interesting read about this recipe from Wyatt's Kitchen.