Place a pot over medium heat. Add a drizzle of olive oil, garlic, onions, peppers, and sofrito. Sauté a few minutes until fragrant.
Add seasonings, chicken bouillon, tomato sauce, olives, and roasted red peppers, if using.
Add the squid along with its ink. Measure out the water for the recipe and use some of it to rinse out the cans. Make sure you get all of the ink in the pot. Stir well.
Add the rice and the water. Stir everything until well combined. Taste the liquid for seasoning and adjust to your liking, if necessary.
Allow this to boil for a few minutes until some of the liquid is absorbed. Add a few sprigs of fresh cilantro on top. Cover the pot and reduce the heat to low.
Allow the rice to cook for 25 minutes, covered.
Uncover the caldero and remove the cilantro springs. All of the liquid should have been absorbed by the rice. If there is still some liquid left, cover and continue cooking 5 minutes more.
Carefully fluff the rice by lifting and flipping over spoonfuls of rice with a large kitchen spoon. The grains of rice should be fluffy and fully cooked.
Serve with maduros and salad. Enjoy! ¡Buen provecho!