In a bowl, combine the chicken thighs, soy sauce, and lemon or calamansi juice. Ensure that the chicken is well-coated. Allow it to marinate for at least 30 minutes, or even better, overnight in the refrigerator for maximum flavor.
In a large pot, heat 2 tablespoons of cooking oil over medium heat. Add the chopped onion and sauté until translucent. Then, stir in the minced garlic and cook until fragrant, about 1 minute.
Remove the chicken from the marinade (reserve the marinade) and add it to the pot. Sear the chicken on all sides until golden brown, about 5-7 minutes.
Pour in the cup of tomato sauce, the reserved marinade, bay leaves, and black pepper. Stir well to combine all the ingredients.
Add the cubed potato and both bell peppers to the pot. Mix everything together and bring it to a gentle simmer.
Cover the pot and let the Chicken Asado simmer on low heat for about 30-40 minutes, or until the chicken is tender and the potatoes are cooked through. Stir occasionally to prevent sticking.
Once the chicken is tender, taste and adjust the seasoning if needed. Serve the Filipino Chicken Asado hot over a bed of steamed rice, and enjoy the delightful flavors with your loved ones.