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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 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. Serve topped with remaining Parmesan.