In a deep pot, heat oil. Add onions, peppers, and olives, and saute for 3-4 minutes. Add GOYA, garlic, oregano, salt and pepper. Add rice and stir to coat with oil. Add pinto beans, water, tomato paste and hot sauce, and bring to a boil. Reduce heat, cover, and simmer for 30-35 minutes, or until the rice is soft and all water is absorbed.