To begin, place the beef cubes in a large bowl. Add soy sauce, calamansi juice, and freshly ground black pepper. Mix well so every piece is coated, then cover and marinate for 30 minutes. Move on to preparing the vegetables while the beef rests.

Heat a large heavy pot over medium heat. Add the oil, then brown the beef cubes in batches until all sides take on a deep colour. Avoid overcrowding so the meat sears instead of steams. Transfer browned pieces to a plate and continue to the next step.

In the same pot, add a little more oil if needed. Sauté the onion until soft, then add garlic and stir briefly until aromatic. Scrape up any browned bits from the bottom of the pan. Transition to combining the base ingredients.

Stir in the tomato paste, tomato sauce, and bay leaves. Allow them to cook together for 2 to 3 minutes so the tomato paste deepens in flavour. Move on to adding beef and stock.

Add the browned beef cubes back to the pot. Pour in the beef stock and stir gently to coat everything. Bring to a simmer. Cover and cook over low heat for about 1 hour, stirring occasionally, until the beef is starting to become tender.

Once the beef is halfway tender, add carrots and potatoes. Continue simmering for another 30 to 40 minutes, until the vegetables and beef are fork tender. Adjust liquid with a splash of water if it thickens too much. Move to the final seasoning stage.

Stir in the liver spread, ensuring it dissolves fully into the sauce to create a rich and silky consistency. Cook for another 10 minutes, stirring occasionally, to allow the flavours to come together. Transition to finishing touches.

Add the sliced bell peppers, olives, and optional chilli. Cook for 5 minutes only, so the peppers stay slightly crisp. Taste and adjust seasoning with salt and black pepper.

Serve Kaldereta hot with steamed white rice. Garnish with a little grated cheese and chopped parsley if desired. This dish is even better the next day as the flavours meld. Present in a wide shallow bowl to showcase its vibrant colours.