Heat oil in large skillet on medium-high heat. Add chicken; cover. Cook 4 minutes on each side or until cooked through (170 degrees F).
Remove chicken from skillet; set aside. Add water, salsa, and corn to skillet; mix well. Bring to boil.
Stir in rice. Reduce heat to low; cover. Simmer 5 minutes. Top rice mixture with chicken; sprinkle with cheese. Cover; simmer an additional 5 minutes or until cheese is melted and rice has absorbed liquid.