In a large saucepan combine corn, potato, green pepper, water, onion, bouillon granules, and cumin. Bring to boiling. Reduce heat and simmer, covered, about 8 minutes or until corn and potatoes are tender. Do not drain.
Stir together milk and flour; stir into corn mixture. Add green chili peppers. Cook and stir until thickened and bubbly. Cook and stir for 1 minute more. If desired, garnish with cilantro or parsley and chopped tomato. Makes 4 to 6 side-dish servings.