Heat Dutch oven or large soup pot on medium and add the olive oil, onion and garlic.
Saute on medium heat until the onion is translucent.
Add the diced ham and continue to saute for 3-4 minutes.
Add the tomato sauce, sazón, cumin, recaito, sofrito, beans, oregano, bay leaves, olives, chicken bouillon, potato, and water.
Raise the heat to medium-high and bring to a low boil.
Once it boils slightly lower the heat to simmer. Cover and cook for 15 minutes or until the potatoes are tender.
Add salt to taste.
Make the rice according to package instructions.