HEAT oil in large skillet on medium heat. Add chicken; cook 5 to 7 min. on each side or until browned on both sides. Remove chicken from skillet, reserving drippings in skillet.
STIR water into drippings in skillet. Add bouillon cubes. Bring to boil. Stir in rice. Top with chicken; cover. Reduce heat to medium-low; simmer 10 min. Add broccoli; cook an additional 10 min. or until chicken is cooked through (180°F). Remove chicken from skillet; cover to keep warm.
ADD VELVEETA to ingredients remaining in skillet; mix lightly. Cook until VELVEETA is completely melted and mixture is well blended, stirring frequently. Return chicken to skillet; cover. Let stand 5 min. before serving.