Heat oil in large saucepan. Add onion; cook, stirring occasionally, until tender. Add 4 cups corn; cook, stirring occasionally, until tender. Add water and bouillon; cook, stirring frequently, for 15 minutes or until corn is very soft.
Place corn mixture in blender or food processor; blend until smooth. Return to saucepan. Stir in remaining corn, evaporated milk, bell pepper and rosemary.
Cook, stirring frequently, until chowder is thick and bell peppers are tender. Season with salt and pepper. Garnish with basil.
Servings: 4