In Singapore "economy rice" identifies a hawker stall that offers a portion of white rice and an assortment of pre-cooked dishes, from which you choose two, three, perhaps four. Though the term appears on signboards, it's rarely heard in conversation. In New York the name seems to be absent altogeher, though the concept — a bargain meal that stands in for home cooking — can be procured at many "four over rice" establishments.
"Cocina economica" seems to have a similar currency in Latin America, though as you might gather from the awning seen here, it's not this Woodside venue's primary line of business. Further investigation to follow.