Heat olive oil in a large skillet over medium-heat, add onion and peppers and cook until tender, about 4 - 5 minutes. Add garlic and cook for 1 minute. Add flour and pepper; cook for 1 minute. Add chicken broth and whisk until combined, be sure to get all the lumps out. Add half & half and cream cheese and whisk until cream cheese is melted and the mixture is smooth. Heat until bubbly and thick, 2-3 minutes.
4 tbsp olive oil, 1/2 cup chopped onion, 1/2 cup chopped green bell pepper, 1/2 cup chopped red bell pepper, 2 tsp minced garlic, 4 tsp flour, 1/2 tsp pepper, 1 can low sodium chicken broth, 1 cup fat free half & half, 4 ounces 1/3 less fat cream cheese cut into small pieces