In a blender, puree 1/2 cup milk with the cream cheese and set aside.
In a medium-size heavy-bottomed saucepan, heat the oil and saute the rice, stirring, until it forms clumps. Add the garlic, onion, mushrooms and chile and continue to saute, stirring, until the rice separates into individual grains.
Add the water or broth, with salt to taste, and bring to a boil. Cover, reduce heat and simmer until the water has just been absorbed. Add the cup of milk that was not blended with the cheese, cover again, and continue to cook over low heat until the milk has been absorbed.
Remove from heat, stir in corn, pour the cheese mixture over all, cover and let stand for 15 minutes before serving.