Heat olive oil in a saucepan over medium heat. Add pasta; cook and stir until evenly-browned, about 3 minutes.
Stir in rice, milk, water, bouillon, onion, Italian seasoning, garlic powder, pepper, and parsley. Reduce heat to low and cook until rice is tender, 6 to 8 minutes. Add Parmesan cheese and Gouda cheese; cover and cook until cheeses are melted, about 2 minutes more.