MIX graham crumbs, 1/4 cup of the sugar and the butter until well blended. Press firmly onto bottom of 13x9-inch pan to form crust. Set aside.
BEAT cream cheese, remaining 1/4 cup sugar and 1/4 cup of the milk in medium bowl with wire whisk until well blended. Spread over crust.
POUR remaining 2-3/4 cups milk into large bowl. Add dry instant pudding mixes. Beat with wire whisk 3 to 5 min. or until well blended. Pour over cream cheese layer in pan. Let stand 5 min. or until thickened. Gently stir food colouring into whipped topping; spread over pudding layer. Refrigerate 4 hours or overnight. Cut into squares to serve. Store leftover dessert in refrigerator.