Heat a medium saucepan over medium-high heat. Add pancetta; cook 3 minutes or until crisp, stirring frequently. Remove pancetta from pan with a slotted spoon; set aside. Add onion to drippings in pan; cook 5 minutes or until tender. Stir in garlic; cook 1 minute. Add peas, pepper, and salt; cook 30 seconds. Add 1/2 cup water to pan; bring to a simmer. Cover and simmer 25 minutes or until peas are tender. Add corn and olives; simmer, covered, 2 minutes. Sprinkle evenly with reserved pancetta and basil.