TOSS chicken with seasoning and water in large bowl; cover. Refrigerate at least 30 minutes.
SPRAY large saucepot with cooking spray. Add garlic and cilantro; cook and stir on medium-high heat 1 minute. Add chicken mixture, onions and peppers; mix well. Cook 10 minutes or until chicken is cooked through, stirring frequently.
ADD cream cheese, VELVEETA and broth; stir. Reduce heat to medium. Cook until cream cheese and VELVEETA are completely melted and soup is heated through, stirring occasionally.