In a 12-inch skillet heat sesame oil over medium-high heat. Add pork and 1 Tbsp. each of the ginger and garlic. Cook until pork is browned and crispy, stirring to break into smaller pieces. Remove from skillet with a slotted spoon.
Add peppers to skillet in a single layer. Cook, without stirring, 2 to 3 minutes or until peppers begin to blacken and blister. Stir peppers. Add remaining ginger and garlic, the water, soy sauce, and sugar. Reduce heat to medium. Cover; cook 2 minutes more or until peppers are crisp-tender. Stir in pork. Cook and stir to heat through. Top with peanuts and fresh basil. Serve with rice.