Preheat oven to 200 °C.
Heat oil in a non-stick frying pan over a medium heat. Add onion and bacon. Cook for 4-5 minutes or until soft. Put in a bowl and stir in the PHILADELPHIA cream cheese.
Line base of a baking dish with a third of potato, overlapping slightly. Top with half the PHILLY bacon mixture. Sprinkle over half the thyme. Season with salt and pepper. Repeat with another layer of potato and bacon mixture. Top with remaining potato. Pour over milk. Dot with butter.
Bake for 1 hour or until potato is tender when tested with a skewer. Stand for 10 minutes before inverting onto a serving plate. Serve.