In a heavy skillet, heat about 2 tablespoons of oil over medium heat. Add the minced garlic, chopped onion, and chilis, sautéing for 3-5 minutes until fragrant.

Increase the heat to medium-high and add the beef chunks. Sauté for 5-7 minutes until nicely browned.

Pour in enough water to cover the beef, about 4 cups, and bring to a boil. Reduce heat to low, cover, and let it simmer for 30-45 minutes.

After the beef is tender, add the chopped potatoes and cook for 10-15 minutes until soft.

Stir in the annatto and liver spread, letting it simmer for another 5 minutes until well incorporated.

Finally, fold in the processed cheese, sliced carrots, and chopped bell peppers, and cook for another 3-5 minutes.