Heat oil in large saucepan on medium heat. Add bacon; cook and stir 3 minutes. Add onions and celery; cook and stir 6 minutes or until softened. Sprinkle with flour, garlic powder, oregano and rosemary. Cook and stir 1 minute.
Stir broth into saucepan until well mixed. Add potatoes and bay leaves. Bring to boil. Reduce heat to low; cover and simmer 15 minutes or until potatoes are tender, stirring occasionally.
Stir in milk and corn. Bring to simmer. (Do not boil.) Simmer 5 minutes or until corn is tender. Discard bay leaves. Ladle into soup bowls to serve.