Heat lard over medium heat in a 2-quart saucepan. Add onion, garlic powder, bay leaf and tomatoes. Saute 3 to 5 minutes or until onions are transparent. Add rice and salt; cook and stir 1 to 2 minutes.
Pour boiling water over rice and cook for 5 minutes on high heat. Reduce heat, cover and simmer (about 20 minutes) until rice is fluffy and tender and liquid is absorbed.