A tomato-free beef kaldereta made with loads of sweet bell peppers and rich coconut milk, simmered until tender and finished with a fresh crunch and briny olives.
Traditional kaldereta relies on tomatoes for its flavor, but in this version, bell peppers take the lead. Most of the peppers are sautéed early to draw out their natural sweetness, while the rest are stirred in at the end for contrast and crunch. Coconut milk rounds everything out with a subtle richness. The result still tastes unmistakably like kaldereta—just tilted toward sweetness, aroma, and a creamier finish.
Make the atsuete water (optional): In a small bowl, combine the atsuete seeds and hot water. Stir well and set aside to steep while you cook.
Sear the beef: Heat the oil in a large, heavy-bottomed pot over medium-high heat. Working in batches if needed, sear the beef until lightly browned on all sides, about 2–3 minutes per side. Transfer to a plate.
Build the base: In the same pot, sauté the onion, garlic, and 1 cup of the bell peppers until soft and fragrant, 4–5 minutes. Add the liver spread and cook, stirring, until it fully melts into the vegetables, 2–3 minutes.
Simmer: Return the beef to the pot. Season with fish sauce and pepper. Add the water and bouillon cube and bring to a boil. Lower the heat, cover, and simmer gently until the beef is fork-tender, about 2 hours.
Add the vegetables: Add the carrots and the atsuete water (if using). Simmer until the carrots are tender, about 10 minutes.
Add coconut milk: Pour in the coconut milk and simmer uncovered until slightly thickened, 7–8 minutes.
Season: Adjust seasoning with more fish sauce and pepper. Stir in the remaining ½ cup of bell peppers, then immediately turn off the heat.
Serve: Transfer to a serving bowl, sprinkle with sliced green olives, and serve hot with steamed rice.
