Heat oil in large, deep skillet or Dutch oven. Add garlic and onion. Cook gently until wilted, but not browned. Add red peppers and jalapenos. Cook for 5 to 10 minutes.
Stir in frozen corn and mix together well. Add chicken broth and bring to a boil. Cook gently for 5 minutes. Stir in spinach and cook for 5 minutes longer, just until wilted. Add pepper and basil. Taste and adjust seasonings.