Heat oil in 3-quart saucepan over medium heat and cook onion, stirring occasionally, 3 minutes.
Add rice and garlic and continue cooking, stirring frequently, 1 minute. Stir in Bouillon and water. Bring to a boil over high heat. Reduce heat to low and simmer covered 15 minutes.
Stir in sauce, corn and chili powder. Return to a boil over high heat. Reduce heat to low and simmer covered, stirring occasionally, 10 minutes or until rice is tender. Stir in cilantro and let stand covered 10 minutes before serving. Garnish, if desired, with additional chopped fresh cilantro leaves.