Cook bacon in large skillet on medium-high heat 5 min. or just until bacon is crisp, stirring occasionally.
Remove bacon from skillet with slotted spoon, reserving drippings in skillet.
Drain bacon on paper towels.
Add onions to reserved drippings; cook 4 to 5 min. or until crisp-tender, stirring occasionally.
Add rice and garlic; cook 3 min. or until rice is opaque, stirring frequently. Gradually add 1/2 can broth; cook and stir 3 min. or until broth is completely absorbed. Repeat with remaining broth, stirring in cream cheese with the last addition of broth and cooking 5 min. or cream cheese is completely melted and mixture is well blended.
Stir in peas; cook 2 min. or until heated through, stirring occasionally.
Remove from heat. Stir in bacon, parsley and 1 Tbsp. Parmesan.