In a pot over medium heat, cook spaghetti in salted boiling water according to package's direction for about 7 to 9 minutes or until firm to bite. Drain well.
In a large saucepan, heat oil. Add sliced hot dogs and cook, stirring occasionally, for about 1 to 2 minutes or until lightly browned. Remove from pan and set aside.
Add onions, garlic, and bell peppers to pan. Cook until softened.
Add ground beef and cook, stirring occasionally and breaking into small pieces until lightly browned. Drain any excess fat.
Add tomato sauce, tomato paste, ketchup, and beef broth. Stir in sugar.
Bring to a boil and then lower heat to simmer, covered, for about one hour or until meat is fully cooked and sauce is thickened. If the sauce is getting too thick, add water in 1/2 cup increments as needed.
During the last 10 minutes of cooking, add browned hot dogs. Season with salt and pepper to taste.
To serve, spoon spaghetti sauce over noodles and top with shredded cheese.
If you don't have access to banana catsup, use tomato ketchup in equal amounts and add a teaspoon or so of sugar to achieve the sweet and savory characteristics of Filipino spaghetti.