Heat some of the cooking oil in a large pan over medium heat. Lightly fry the potatoes and carrots until they develop a little color. Remove them from the pan and set aside.

Next, quickly sauté the red and green bell peppers for about 30 seconds. Remove them as well. Keeping the bell peppers aside helps preserve their color and texture.

Using the same pan, add a little more oil if needed. Sauté the garlic until fragrant, followed by the chopped onion. Cook until the onion becomes soft.

Add the beef cubes and sear them on all sides until lightly browned. Browning the beef adds extra flavor to the finished stew.

Pour in the soy sauce and stir to coat the beef. Add the tomato paste and tomato sauce, then mix everything together.

Pour in the water and add the beef broth cube and bay leaves. Bring the mixture to a gentle boil, then lower the heat. Cover and simmer for about 1 to 1 ½ hours, or until the beef becomes tender.

Check the pot occasionally and add a little more water if the sauce becomes too thick before the beef is fully cooked.

Once the beef is tender, add the liver spread and stir until it is completely incorporated into the sauce. The liver spread gives Caldereta its characteristic richness and depth of flavor.

Add the oyster sauce, fried potatoes, carrots, and green peas. Simmer for another 5 to 10 minutes, allowing the vegetables to absorb some of the flavorful sauce.

Add the bell peppers near the end of cooking so they retain some of their texture.

Taste the sauce and adjust the seasoning with sugar, salt, and ground black pepper according to your preference. If you like a slightly spicy Caldereta, you can also add sliced chili peppers.

Transfer the Beef Caldereta to a serving dish and serve hot with steamed white rice.