Bring a small pot of water to a boil. Add potato and cook uncovered until slightly tender, about 5 minutes. Drain in a colander.
Heat oil in a large skillet or Dutch oven over medium-high heat. Add drained potatoes, corn, sofrito, and garlic; cook and stir until fragrant, 2 to 3 minutes. Add tomato sauce, oregano, and bay leaf; cook and stir until flavors combine, 2 to 3 minutes. Add water and bring mixture to a boil. Lower heat to medium-low; stir in corned beef. Cook until heated through, 6 to 8 minutes.
