Place the beans, water, smoked ham hocks, bay leaves to an instant pot and set to high pressure for 30 minutes for the beans to soften.
While the beans are cooking, make your sofrito. To a large caldero or dutch oven, add your chopped tocino and cook until crispy. Remove the cooked tocino and set aside. To the caldero with the rendered pork belly fat, add your white cooking wine, bell peppers, onions and garlic. Cook this over medium heat for 7-8 min until your onions are translucent.
Once the beans have cooked, allow the pressure cooker to do a quick release. Drain the beans, be sure to reserve the bean broth from the instant pot. Once it comes to room temperature, shred the meat from the smoked ham hock for later use.
Clean your long grain white rice by rinsing with water until the water is runs clear.
To your caldero with the sofrito, add your rice, shredded smoked ham meat, Cumin, Oregano, cooked tocino and frijoles colorados. Gently stir.
Then add 2 cups of the reserved bean broth and salt. Place over high heat once the liquid begins to boil, drop the heat to low. Then cover and allow to cook for 20minutes untouched.
Uncover it, fluff up the rice and continue cooking with the lid on for 10 min over low heat or until fully cooked through.