Kaldereta

In a large bowl, combine oil, salt, and pepper.

Add meat, and stir to coat.

Let marinade at room temperature for 2 hours, turning meat occasionally.

Add butter to a large pot or dutch oven and melt over medium heat. When butter has just melted, add jalapeno, onion and garlic and sauté until light brown.

Add beef to pan and continue cooking over medium heat until the meat is seared on all sides.

Add tomato paste to the pot and incorporate with the meat and onion mixture.

Add crushed tomatoes, red and green peppers, chicken stock, and peanut butter. Cover and let simmer on low heat for 45 minutes, stirring occasionally.

Add cheese, peas, and chili pepper. Simmer on low heat, stirring regularly. When sauce has thickened (approximately 5 minutes), remove from heat.

Serve over white rice.