In a large saucepan, heat margarine & saute onion until translucent. Add flour, cook, stirring for 2-3 minutes. Gradually stir in chicken broth. Add potatoes & cook until tender.
Stir in milk or cream, peppers, corn & bacon; heat through. Season to taste with salt & pepper. Ladle into bowls & garnish if desired with chopped chives & cilantro.