Start by placing the softened Philadelphia Cream Cheese and sour cream in a mixing bowl. Blend them together with a hand mixer or a whisk until you achieve a smooth and creamy texture.

Add the shredded cheddar cheese, chopped green onions, red and green bell peppers, tomatoes, sliced black olives, and chopped cilantro to the creamy base. Gently fold all the ingredients together until they are well combined.

Sprinkle the chili powder and garlic powder over the mixture. Season with salt and black pepper to taste. Remember that the cheese and cream cheese already have some salt, so adjust the seasoning according to your preference.

Transfer the Philadelphia Cream Cheese Chili Dip to a serving dish. Cover it with plastic wrap and refrigerate for at least an hour before serving. Chilling allows the flavors to meld together, creating a tastier dip.

Before serving, garnish the dip with some additional chopped cilantro, diced tomatoes, and a few sliced olives for a vibrant and inviting presentation. Serve with your preferred crackers, fresh veggie sticks, or tortilla chips.