HEAT oil in large saucepan on medium heat. Add onions; cook 5 min., stirring occasionally.
ADD asparagus and broth; stir. Bring to boil; cover. Simmer on medium-low heat 15 min. or until vegetables are very tender.
BLEND asparagus mixture, in batches, in blender until smooth; return to saucepan. Add remaining ingredients; cook and stir on medium heat 2 to 3 min. or until cream cheese is completely melted, and soup is well blended and heated through.