In the same pot, add 1 tbsp of annatto oil and the sofrito, garlic, onions, and peppers. Sauté a few minutes until fragrant.
Add chicken bouillon, tomato sauce, olives, and seasonings.
Add the water and rice. Stir everything until well combined. Taste the liquid for seasoning and adjust to your liking, if necessary.
Add the chicken back to the pot along with bay leaves.
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 25-30 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 a lot of 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. Sprinkle with fresh chopped cilantro, if desired.
Serve with beans, tostones or maduros and avocado. ¡Buen provecho!