Preheat oven to 325°. Over medium-high heat, sauté pancetta or bacon until crisp in a medium ovenproof saucepan with a lid. Pour off all but 1 teaspoon fat. Reduce heat to medium-low; add onion, carrot, celery, and garlic and cook until tender, about 5 minutes. Add all remaining ingredients and bring to a boil. Cover, transfer to oven, and bake for 1 1/2 hours, until most of the liquid is absorbed and faro is tender. Remove herb stems and bay leaves before serving.