To make the sofrito place the bell pepper, ají dulce, garlic, and onion in a small food processor or blender and process until all ingredients are chopped and have obtained a uniform texture.
In a large cast-iron pot or caldero, heat the oil over medium-high heat.
Add the sofrito mixture, tomato sauce, oregano, annatto, adobo, olives, and chicken bouillon. Cook and stir for about 2 - 3 minutes until fragrant.
Stir in the coconut milk, pigeon peas, and water. Bring to a boil.
When it begins to boil, stir in the rice and let simmer until the rice has soaked up all the water and begins to dry up, about 10 - 15 minutes. Stir occasionally to avoid it sticking to the bottom of the pot.
Place the cilantro and the culantro on top of the rice. Cover the pot, lower the heat to low, and let it cook for 25 minutes. Then, remove the cilantro and the culantro, and discard. Stir the rice carefully and cover for an additional 5 minutes.
Serve warm with a side of your choice.