In saucepan, heat oil on medium. Stir in onion, pepper and garlic and cook, stirring often, for 5 minutes.
Add rice and cook for 2 minutes stirring constantly. Stir in water. Stir in coconut milk, thyme, Sazon, and Adobo and bring to a broil. Stir in beans and return to a boil. Cover and lower heat to low. Simmer for 25 minutes. Stir every 5 or 10 minutes to avoid sticking.
When rice is tender, remove from heat, fluff with a fork, cover and let rice sit for 5 minutes. Serve with desired main course.