Pour 4 quarts of water into a large pot and bring to a boil. Add 2 tablespoons salt to the water. Add 1 pound spaghetti noodles and cook following package directions until tender but still firm to bite, about 7-9 minutes.
While pasta cooks, heat 1 tablespoon oil in a large deep pan over medium heat. Add sliced Filipino hot dogs and cook until lightly browned, about 2 minutes. Remove hot dogs and set aside.
Using the same pan, cook chopped onion until soft and clear, about 3 minutes. Add minced garlic and chopped bell pepper, cooking until fragrant, about 1 minute.
Add ground beef to the pan. Break up the meat into small pieces while cooking until it turns brown, about 10 minutes. Drain excess oil if you prefer.
Pour in tomato sauce, tomato paste, banana ketchup, and beef broth. Add sugar and stir well. Bring to a boil, then lower heat. Cover and simmer for 45 minutes, stirring occasionally. If sauce gets too thick, add ¼ cup water or broth as needed.
Add the cooked hot dogs back to the sauce during the last 10 minutes. Season with salt and pepper to your taste.
Drain the cooked spaghetti but don't rinse. Put pasta on a large serving plate or bowl. Top with the hot meat sauce and sprinkle generously with shredded cheese. Serve right away while cheese is melting.
For best results, let everyone mix their own pasta and sauce on their plates. Serve with pandesal or garlic bread if you like.
Remember to taste and adjust seasoning - you can add more banana ketchup if you want it sweeter, or more salt if needed. Leftovers can be stored separately (sauce and pasta) in covered containers in the refrigerator for up to 3 days.