Blend your tomatoes, and both types of peppers in a blender or food processor for 45 seconds or until everything is blended well. Reserve ¼ cup of the mixture and set aside.
In a medium sauce pot, heat the oil over medium high heat, add the onions and fry until golden brown. Add the tomato paste and fry 2-3 minutes. Add the blended tomato mixture and cook for about 30 minutes, stirring constantly so the mixture does not burn.
After 30 minutes, turn the heat down to medium and add your seasonings. Mix well and continue to boil for 10 minutes.
Add the par boiled rice and chicken stock to the pot. Mix it very well with the tomato stew. At this point, you may need to add water so the rice is level with the rice/tomato mixture. Add the bay leaves, cover the pot and reduce the heat to low for 15-30 minutes.
When the liquid has almost been absorbed, add the reserved tomato stew and let it cook for another 5-10 minutes, or until the liquid is completely absorbed.
Turn off the heat and you are ready to enjoy!