Beef Kaldereta Recipe

Heat oil in a heavy saucepan over medium to high heat. Working in batches, sear the short ribs on all sides. Set aside.

Add onions and garlic. Saute until just softened. 

Return beef to the pan. Stir and season with salt, pepper, and fish sauce. Add bay leaves.

Add water, peanut butter, and coconut milk. Bring to a gentle simmer. Lower heat to the lowest possible setting. Cover the pan and simmer until the meat is fork-tender, about 1½ to 2 hours. Make sure to stir mixture every 15 minutes to avoid a burnt bottom. If needed, add a little water so it doesn't dry out.

Fry the chopped potatoes and carrots until golden.

Once the meat is tender, add potatoes, carrots, pimiento slices, olives and chilies, if using. Continue cooking until the vegetables are cooked through. Adjust the seasoning with a little salt or fish sauce, if necessary.