Set fish on large plate. In small bowl, mix together 1½ tbsp. lime juice, 1 tsp. garlic, 1 tsp. Adobo, coriander and oregano. Pour spice mixture over fish; rub to coat both sides completely in marinade; cover and set aside.
Meanwhile, heat olive oil in 12” skillet over medium-high heat. Add onions and peppers. Cook, stirring occasionally, until vegetables soften, about 10 minutes. Add remaining 2 tsp. garlic and cook, stirring occasionally, until fragrant, about 30 seconds. Stir tomato paste into pan; cook 5 minutes more. Add coconut milk and bay leaf; bring coconut mixture to boil. Reduce heat to medium low. Simmer stirring occasionally, until coconut mixture begins to thicken, about 10 minutes.
Add reserved fish to pan, pressing into sauce. Cook, flipping once, until fish is cooked through and flakes easily with a fork; about 5 minutes. Using fish spatula, gently transfer fish to platter; keep warm.
Return sauce in pan to simmer over medium heat. Add remaining lime juice, remaining Adobo and cilantro. Simmer until flavors come together and sauce thickens to cream-like consistency, about 3 minutes more.
Spoon sauce over fish; serve with rice.