In a large pot, drizzle the oil over medium heat. Once hot, add the onions and cook, stirring occasionally, until softened. Add the garlic and cook until just fragrant, 30 seconds to 1 minute. Add the beef and cook, stirring occasionally, until browned on all sides.
Add the water, tomato sauce, calamansi juice, soy sauce, and bay leaves. Stir to combine and bring the mixture to a boil. Reduce heat to a simmer, cover, and cook over low heat for 1 1/2 hours.
Add the potato and carrot. Continue to cook until the vegetables are tender. Season with salt and pepper to taste.
Serve hot with steamed rice.