HEAT oil in large saucepan over medium heat. Add chopped onion; cook, stirring occasionally, for 1 to 2 minutes or until tender. Add potatoes, water and bouillon; bring to a boil. Cook, stirring occasionally, for 15 minutes or until tender.
STIR in flour mixture; continue cooking for 2 minutes. Stir in evaporated milk. Bring to a boil, stirring occasionally. Top each serving with bacon and green onions.
VARIATION: If you’d like a richer soup, reduce flour to 2 tablespoons and use 1 can (7.6 fluid ounces) NESTLÉ Media Crema in place of evaporated milk.