Cook rice according to package directions.
Season chicken with salt and pepper. Heat oil in large saucepan or Dutch oven set over medium heat; cook chicken for 5 to 7 minutes per side or until browned.
Add 2 1/2 cups water, carrots, potatoes, onion, olives, sofrito, tomato paste, Sazon, bouillon cube, oregano and bay leaves to saucepan; bring to boil. Reduce heat to simmer; cover and cook for 40 to 50 minutes or until chicken is cooked through and stew is slightly thickened.
In small bowl, whisk together cornstarch with 4 tsp water until completely combined. Stir into stew; simmer for about 5 minutes or until thickened. Remove and discard bay leaves.
Garnish with cilantro. Serve with brown rice.
Serve accompanied with tostones (fried plantains) and avocado if desired.