Marinate Beef: Coat your cubed beef in soy sauce, calamansi juice, and black pepper. Cover and let it rest for at least 30 minutes.
Sear Beef: Heat oil in a large pot over medium-high heat. Brown the beef cubes in batches until deep brown, then transfer them to a plate.
Sauté Aromatics: In the same pot, add more oil if needed and sauté onions until soft, then add minced garlic and cook for 1-2 minutes.
Build Sauce Base: Stir in tomato paste, then add tinned tomato sauce and bay leaves. Cook for 2-3 minutes.
Cook Beef: Return seared beef to the pot with beef stock. Bring to a gentle simmer, cover and cook on low for about 1 hour until tender.
Add Vegetables: When meat is half-tender, add carrots and potatoes. Simmer until vegetables are fork-tender, about 30-40 minutes.
Enrich Sauce: Stir in liver spread until dissolved into the sauce for a velvety texture.
Final Touches: Add bell peppers and olives, if using. Cook for an additional 5 minutes, adjusting seasoning as needed.
Serve: Plate the hot Kaldereta alongside steamed rice, and consider garnishing with grated cheese and parsley.