Indulge in this rich, savory dish with chunks of tender beef and crispy bacon.
Put bacon in a large, heavy casserole and cook over high heat until pieces are light brown and fat is rendered or melted. Remove from casserole then drain oil on paper towels. Set aside.
Using 2 tablespoons of bacon fat, sear beef cubes on all sides until light brown. Transfer to a bowl. Set aside.
Using the same casserole, add carrots and onions and sauté until light brown. Add beef stock and bring to a boil. Mix well. Add wine, bell peppers, siling labuyo, garlic, bay leaves, parsley, peppercorns, seared beef cubes and bacon.
Over low heat, braise for about 1 hour or until beef is tender. Add paprika and salt. Sprinkle with parsley on top.