Microwave the cubed bite-sized potatoes in a large microwaveable bowl for about 10 minutes, stirring halfway. Test the potatoes with a fork to see if they are done. If not, give them another stir and continue to cook 2 minutes at a time until the potatoes are fully cooked. Careful, the bowl might be hot!
While the potatoes are cooking, chop the onion, dice the jalapeño, mince the garlic clove, and chop the bell pepper into 1 inch pieces.
In a large skillet or wok, heat 1 tablespoon of olive oil, and add the chopped onion, minced garlic, and diced jalapeño. Saute over medium heat for about 5 minutes. Add the bell pepper and continue to saute for about 2 minutes.
Add the cooked potato cubes, the rest of the oil, the ground annatto, and paprika. Season with salt to taste. Stir everything together and cook through for another 3-5 minutes. Add the shredded cheese and stir fry for a minute until the cheese is melted all over the potato and bell pepper hash. Sprinkle with scallions, chives, or cilantro. Serve hot.