MIX mayo and annatto paste. Add half to chicken in large bowl; toss to coat.
COOK chicken in large deep skillet or Dutch oven on medium-high heat 5 min. or until evenly browned, turning occasionally. Remove chicken from skillet; discard drippings. Cover chicken to keep warm.
ADD rice, onions, peppers, garlic and remaining mayo mixture to skillet; cook on medium-low heat 3 min., stirring constantly. Add water and bouillon; stir. Top with chicken. Bring to boil; cover. Simmer on low heat 22 to 25 min. or until chicken is done (165ºF) and liquid is absorbed.
TOP with olives and cilantro.