Cook pasta as directed on package, omitting salt. Meanwhile, heat oil in large nonstick skillet on medium heat. Add chicken; cook and stir 7 min. or until done.
Stir in milk and cream cheese spread; cook 3 min. or until cream cheese is completely melted and sauce is well blended. Add peppers, Parmesan and pesto; stir. Cook 3 min. or until heated through, stirring occasionally.
Drain pasta. Add to cream cheese sauce; toss to coat.
