Heat oven to 350°F.
Cook first 3 ingredients in dressing in 10-inch ovenproof skillet on medium heat 5 min., stirring frequently. Add potatoes; cook 5 min., stirring frequently. Remove from heat. Spread potato mixture onto bottom of skillet; top with ham.
Whisk eggs and milk until blended; pour over ham. Top with VELVEETA.
Bake 30 min. or until center is set. Sprinkle with cilantro.