Heat oil in large, heavy pot over medium heat. Add leek. Cook, stirring occasionally, until softened, about 8 minutes. Add recaito and ginger. Cook, stirring, until recaito begins to bubble, about 30 seconds. Stir in water, butternut squash, sweet potato, 1 tsp. Adobo, cinnamon and nutmeg; bring water to boil. Reduce heat to low. Simmer, stirring occasionally, until squash and sweet potato are very tender and begin to break down, about 25 minutes.
Carefully puree soup in batches in blender; return to rinsed pot set over medium heat. (Or, use submersion blender to puree soup until smooth). Stir in coconut milk and remaining Adobo; bring soup to boil then reduce heat to low. Simmer, stirring occasionally, until soup thickens to cream-like consistency, about 15 minutes.
Serve soup with shredded coconut and croutons, if desired.