If making from scratch, prepare Achiote Oil, Sofrito, Adobo and Sazon Seasoning Blends.
Liberally season chicken pieces with adobo seasoning.
In a large heavy bottomed shallow pot or caldero, render pork fat over medium heat. Remove cooked pork pieces. Pan brown chicken pieces in batches until deep golden brown on both sides. Remove and reserve. Pour off all but about 1 Tablespoon of oil from pan.
Add 3 Tablespoons of achiote oil to pan. Saute the sofrito for 5-7 minutes until the vegetables are tender. Add the rinsed rice to the pan and toast, stirring frequently for about 3-5 minutes just until the rice starts to turn color.
Return the browned chicken pieces to the pan, along with the pigeon peas and bay leaves. Sprinkle with 2 teaspoons of sazon seasoning. Add 3 cups of chicken broth. Bring to a boil and allow to simmer until liquid is reduced to just below rice level. Reduce the heat to low and cover with tight fitting lid or aluminum foil. Simmer for 20 - 25 minutes or until rice is tender. Remove from heat and adjust seasoning to taste.
Stir in olives, green peas, and chopped sweet red pepper. Cover and allow to sit for 5 minutes. Garnish with fresh cilantro.