Combine the rice and 1 1/4 cups water in a saucepan. Bring to a boil, cover and cook on low for 15 minutes; turn off the heat and leave covered for 5 minutes while you finish the beef.
Heat the oil in a large skillet over medium-high heat. Press the beef into a thin layer and leave it undisturbed for 3 minutes, then break into small clumps and cook for 3 minutes more.
Add the pepper, garlic and chili. Stir-fry for 3 to 4 minutes, until the pepper softens slightly and the beef reaches 160°F.
Mix the soy sauce, fish sauce, sugar and sauce water. Pour into the skillet and bubble for 1 minute until glossy; turn off the heat and fold in the basil.
Fluff the rice and divide among four bowls. Spoon the beef and pan juices over it immediately.