PREHEAT oven to 375° F.
COMBINE flour, baking powder, baking soda, cinnamon and salt in small bowl. Beat butter, brown sugar, granulated sugar and vanilla extract in large mixer bowl until creamy. Beat in egg. Gradually beat in flour mixture and milk. Stir in morsels, oats and raisins. Drop by rounded tablespoon onto ungreased baking sheets.
BAKE for 10 to 14 minutes or until edges are crisp but centers are still soft. Cool on baking sheets for 2 minutes; remove to wire racks to cool completely.