Place 1/2 cup of olive oil in small pan and add the achiote.
Heat on medium heat until bubbles form, then remove from heat and let steep.
Drain achiote seeds from oil (should be a vibrant reddish-orange color).
Place oil in large stockpot.
Heat oil on high and place chicken pieces in pot and brown; this is done just to brown chicken NOT to cook it.
Remove chicken from pot.
Place diced onions, garlic, and peppers in pot with the achiote.
Saute until soft (do not burn garlic).Put capers in pot and cook for a while with the onion mixture.
Add rice to the pot with garlic, peppers, garlic and capers, then swirl rice into the mixture.
Let the rice cook for just about a minute.
Place cut up cilantro (or parsley) and basil in pot.
Add in chicken broth and make sure you scrape the pot.
Add chicken pieces back in.Put olives in and mix.
Place bay leaves in pot.Check for seasonings (Please note: add salt and pepper at the end).
Let the mixture cook on medium heat until the rice is done.
Add peas just before serving.In another medium pot place peeled asparagus in water and boil until they turn bright green.
Place in ice bath to stop the cooking process.To serve, place rice and chicken in a large platter.Arrange chicken pieces around platter and rice in the center.
Place cooked asparagus around the platter and then place pimentos in the center.Enjoy!