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