It isn't worth much. Some of the parts have a little value, but as a bike, it's basically garage sale type level. It has been painted, it's a ladies' frame, and it needs a total go-over. It's missing the front fender. It would make a good bike for someone to learn to work on rod brakes. There's not much risk of loss, and you'll get a good idea of how to work on them.
Phillips was based in Birmingham, England, and initially it was known mainly for its large and varied parts catalog. They also made bikes, with Phillips occupying a kind of economy to mid-market setting for most of its bikes. They were affordable and basic, but solid and reliable bikes. Most are not as luxurious as the Raleigh, Rudge, or Humber, but they're not bad either. Phillips started as its own manufacturer, then were subsequently bought up by TI for the British Cycle Corp conglomerate, and then finally the whole lot of that merged with Raleigh Industries in 1960. This is one of the earlier, Birmingham-made Phillips bikes, but it is kind of in tough shape.
I re-built and owned a beautiful Phillips men's roadster a few years ago. It's a fun bike, but I sold it with a couple other bikes when I downsized my collection. They're kind of tough on hills because they're heavy and the brakes are kind of marginal on them.