In a large soup pot, heat the olive oil over medium heat. Add the pancetta or bacon and cook until lightly browned. Add the onion and sauté for 5 to 7 minutes, or until it becomes translucent. Stir in the chopped garlic during the last 2 minutes, being careful not to let it burn.
Add the chopped carrots and celery to the pot and continue to cook for another three to four minutes, stirring occasionally.
Sprinkle the flour over the vegetables and cook for two minutes, stirring constantly. Slowly pour in the chicken or vegetable broth, whisking to prevent any lumps from forming.
Bring the soup to a boil, then add the corn, potatoes, thyme, hot sauce and bay leaf. Reduce the heat and let the soup simmer for 45 minutes to 1 hour, or until all the vegetables are tender.
Just before serving, gently warm the half-and-half in a separate small pan and stir it into the chowder. Season to taste with sea salt and black pepper, then top with fresh chopped parsley.