Heat oil in a pan and fry potatoes and carrots until cooked. Drain and set aside.
In the same pan, saute garlic until fragrant. Then add onions and tomatoes and saute for a minute.
Then add the bell pepper and continue sauteing for a few seconds then add the olives, fried potatoes and carrots.
Continue sauteing for a minute then add the squid. Stir cook for half a minute then pour the tomato sauce and soy sauce.
Simmer while stirring and add bay leaves, red chili and sugar. Season with salt and pepper to taste.
Simmer for another 2 minutes while stirring and turn off heat. Serve hot with steamed rice.