In a deep pan or heavy-bottomed pot, heat the oil over medium heat. Add the cubed potatoes and sliced carrots, frying until their edges turn lightly golden. Remove and set aside on a plate lined with paper towels to drain excess oil.

In the same pan, sauté the minced garlic and chopped onion until soft and aromatic. Add the beef pieces and drizzle with fish sauce. Stir-fry for about 5 minutes or until the meat begins to brown slightly and releases its juices.

Pour in the water and toss in the bay leaves. Season with a pinch of pepper, then bring the mixture to a boil. Once boiling, reduce the heat to low, cover the pot, and allow the beef to simmer gently for about 50 to 60 minutes, or until tender. Stir occasionally and add more water as necessary to maintain a rich, flavorful broth.

When the meat is fork-tender, uncover and let the liquid reduce by half to concentrate the flavors. Stir in the tomato paste, chili pepper, and liver spread, then simmer for another 5 minutes to thicken the sauce and deepen its color.

Add back the fried potatoes and carrots along with the bell peppers and green peas. Cook for 5 more minutes, allowing the vegetables to absorb the savory sauce. Finally, sprinkle the grated cheese over the dish and stir gently until it melts and blends into the sauce, giving it a creamy finish.

Adjust the seasoning with salt and pepper to taste. Serve hot with steamed white rice and enjoy the comforting, bold flavors of classic Filipino Beef Kaldereta.