BROWN meat with peppers and onions in large nonstick skillet.
STIR in water, taco seasoning mix and tomatoes; bring to boil. Stir in macaroni; cover. Simmer on medium-low heat 10 to 12 min. or until macaroni is tender, stirring occasionally and adding corn for the last 5 min.
REMOVE from heat. Top with cheese; cover. Let stand 2 min. or until melted. Sprinkle with cilantro.