HEAT oil in large nonstick skillet on medium-high heat. Add chicken; cook 7 min. or until done (165ºF), turning after 4 min. Remove from skillet; cover to keep warm.
ADD broccoli, soup and VELVEETA; mix well. Simmer on medium heat 7 min. or until heated through and VELVEETA is melted; stirring frequently.
SERVE chicken and broccoli mixture over rice.