Combine flour, sugar, salt and mix thoroughly. Mash the cold butter into the flour mixture. Slowly mix in the ice water into the mixture to make a dough.
Color the dough with achuete oil by continuously kneading the dough and slowly adding the oil.
Place the dough in a bowl, cover with plastic wrap and let rest for about 30 minutes to an hour.
Dust a clean table with flour so that the dough will not stick to the table. Flatten the dough with a rolling pin and roll until 1/4 inch thick.
Using a round cookie cutter, cut the flattened empanada dough into circles about 3 inches in diameter. Dust a baking pan with flour and place the shaped empanada dough, cover and set aside.
To assemble the empanadas, stuff each empanada dough wrapper with 2 tablespoons of the filling at the center. Dampen the edges of the dough wrapper with beaten egg.
Fold the dough over to form a semicircle. Pinch out the corner of the dough, and fold it onto itself. Pinch and pull out another 1/2 inch section then fold it over so that it slightly overlaps the first one. Repeat along the length of the folded side until you form a twisted seal.
Preheat deep fryer to 175°C. Deep fry the empanadas for 6 to 7 minutes or until golden brown. Transfer to paper towels to absorb excess oil. Serve with catsup and mustard.