"This is a yummy recipe, a fusion of tomato sauce, liver pate, cheese and chunks of beef. This is a rich gourmet recipe from Batangas but instead of beef, they use goat's meat. It is more flavorful when beef is used, though. This recipe is so good, you can use any meat to cook it though preparation may vary. You may use lamb chops, chicken, and pork. Good for parties or weekend special meals. Taste goods even as leftovers!"
Heat 1 tablespoon olive oil and butter in a large pot over medium heat. Add onions and garlic; cook and stir until onions are almost translucent, about 4 minutes. Add beef shanks, short ribs, and salt; cook and stir until beef shanks and short ribs are no longer red, about 5 minutes.
Pour water into the pot; stir in peppercorns and bay leaves. Simmer until beef is tender, 45 minutes to 1 hour. Discard bay leaves. Add tomato sauce, Cheddar cheese, liver spread, and bread crumbs. Simmer until flavors combine, about 10 minutes. Stir in chile peppers.
Heat remaining 2 tablespoons olive oil in a skillet over medium heat. Add potatoes and carrot; cook and stir until golden brown and tender, about 10 minutes. Stir into the pot. Serve stew with green bell pepper and red bell pepper.