Like you, I too am not really sure what it would be called. Admittedly, I'm not very familiar with Phillips specifically, but I'm pretty familiar with Hercules and this is very similar to Hercules bicycles of this era. I would say that this was most likely a light roadster that had the original mudguards and chainguard removed and the shorty fenders installed. Remember that these old bicycles had tons of room to run either 27" or 26" (EA3) wheels and some markets used different size wheels than were used in the USA or England. Since this specific bicycle is from Argentina, I am of the opinion that the wheels are original to the bicycle - they certainly appear period correct.