Phillips (pictured) joins the Stones from Premier League Crystal Palace, where he’s come through to youth ranks to captain the under 23s.
He’s been named on the Eagles’ first-team bench on four occasions and was part of the squad that took part in the Premier League Asia Trophy last summer.
Stones boss Jay Saunders told his club`s official website: “I’ve seen Michael play for the under-23s and am delighted to get him on board – he’ll add to the squad for the final run-in.
“He can play in a few positions and has good experience having been in and around the first-team.”
Phillips is available for tomorrow’s match against Torquay United.
Meanwhile, Turgott has joined the Stones on a permanent deal until the end of the season.
The winger initially signed on loan from Boreham Wood last month.
He had joined Wood on a short loan from Stevenage last September, making the move permanent just before Christmas.
His career started at West Ham Academy and he made his Hammers debut four years ago against Nottingham Forest in the FA Cup.
He also represented England up to under-19 level, including 14 appearances for the under-17s.
A short spell with Coventry followed his time at West Ham, before he was snapped up by Leyton Orient in 2015.
From there he had a year-long spell with hometown side Bromley in 2016, netting an impressive 12 times from midfield. That form saw him make his move into the Football League with Stevenage.
Saunders said: “Blair has done well since coming in on loan and will only do better with a run of games.
“He was under a call back with Boreham Wood, so this way we know he’s our player and we’ve got an option for next season”.