Beef Caldereta (Kalderetang Baka)

Ingredients

• 2 lbs beef round or brisket (cut into 1 ½ inch cubes)
• 2-3 Yukon gold (yellow potatoes, quartered)
• 1 medium carrot (cut into chunks)
• 1 red bell pepper (cut into squares)
• 1 medium onion (finely chopped)
• 4 cloves garlic (finely chopped)
• ¼ cup + 2 tablespoons tomato sauce
• 1 78 g can Reno liver spread (¼ cup)
• 4 bay leaves
• 2 cups water
• 3 tablespoons canola oil
• Sea salt
• Ground black pepper