Rinse the rice under cold water 3 times or until the liquid runs clear. Add the rice, coconut milk and water to a medium pot; stir well. Bring to a boil over high heat. Reduce the heat to low, cover, and simmer for 25 to 30 minutes. Remove from the heat and let stand for 15 minutes. Remove the lid and fluff the rice with a fork. Garnish with coconut flakes.