Season the chicken with 2 tsp adobo and salt, to taste.
Heat the vegetable oil over medium heat in a heavy-bottomed pot.
Add the chicken pieces and brown them on each side, until golden, about 2-3 minutes per side.
Add the sofrito, and mix to coat the chicken, cook for a few minutes, and then add the tomato sauce. Mix again, making sure the tomato sauce coats the chicken.
Add the water, and bay leaves, bring the stew up to a boil, and then lower to a simmer. Cover the pot and let simmer for about 20 minutes.
After 20 minutes, add the potatoes and olives. Cook for about 20 more minutes, until the potatoes and chicken are tender.
Remove the bay leaf and serve over rice.