In skillet, heat half of the oil over medium heat; cook garlic and onion for 4 to 5 minutes or until tender but not browned. Add red peppers; cook for 5 to 8 minutes or until fragrant and wilted. Stir in basil. Season with salt and pepper to taste. (Recipe can be prepared to this point, covered and refrigerated for up to 2 days.)
Cut bread diagonally into 1-inch (2.5 cm) thick slices to make about 12 slices. Arrange in single layer on baking sheet. Brush with remaining oil; broil for 1 to 2 minutes or until crisp and browned. Turn slices over and spoon red pepper mixture over bread; sprinkle with Parmesan.
Bake in 400Â°F (200Â°C) oven for 10 minutes or until heated through.