Tomato paste tends to scorch easily, so be sure to stir as directed.
Rinse rice with cold running water 3 minutes or until water is no longer cloudy. Drain and set aside.
Cook bacon in a 3 1/2-qt. saucepan over medium heat 10 minutes or until crisp. Drain and set bacon aside, reserving 2 Tbsp. bacon drippings in pan.
Sauté onion in hot drippings in saucepan over medium-high heat 8 minutes or until onion is tender; add garlic, and sauté 1 minute.
Stir in rinsed rice, chicken broth, and next 3 ingredients; bring to a boil. Cover, reduce heat to low, and simmer 30 minutes, stirring mixture every 7 to 10 minutes.
Remove from heat; fluff with a fork. Stir in crumbled bacon and 3 Tbsp. parsley; garnish, if desired.