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SPRINKLE chops with seasonings. Heat oil in large nonstick skillet on medium heat. Add chops, seasoned-sides down. Cook 5 min. on each side or just until browned on both sides and done (160ºF). Transfer to plate; cover to keep warm.
ADD rice to same skillet; cook and stir 1 min. Add water; bring to boil. Cover; simmer on medium-low heat 16 min. or until most of liquid is absorbed. Stir in half each of the salsa and VELVEETA; top with chops. Simmer, covered, 5 min. or until liquid is absorbed. Meanwhile, microwave remaining salsa and VELVEETA in microwaveable bowl on HIGH 30 to 40 sec. or until VELVEETA is melted; stir until blended.
SERVE chops over rice; top with VELVEETA sauce.