PLACE potatoes and water in microwaveable dish; cover with lid. Microwave on HIGH 7 min. or until potatoes are tender. Meanwhile, heat oil in large saucepan on medium-high heat. Add chicken; cook 7 min. or until evenly browned, stirring occasionally.

ADD potatoes, soup, dressing and frozen vegetables to saucepan. Bring to boil; cover. Reduce heat to medium-low; simmer 3 min. or until chicken is cooked through and vegetables are heated through.

STIR in cream cheese; cook 3 min. or until melted, stirring occasionally.