Cut bread lengthwise in half, then cut each half crosswise into 3 pieces.
Place on foil-covered baking sheet.
Microwave pizza sauce in medium microwaveable bowl on HIGH 1 min. Stir in VELVEETA. Microwave 2-1/2 min. or until VELVEETA is completed melted and mixture is well blended, stirring after each minute.
Spread onto bread; top with mozzarella and Parmesan.
Bake 20 min. or until mozzarella is melted and lightly browned.