The 20-year-old has been heavily linked with a move away from Bloomfield Road this month, with a number of Premier League clubs said to be monitoring his situation.
His stock rose even higher this afternoon when he struck a hattrick against Fleetwood Town in the FA Cup.
However, Holloway has revealed that Blackpool have no reason to part with the former Wycombe Wanderers midfielder.
"People will be looking at Phillips now but we've got him and if you're a top five club, come and try and offer a lot of money for him," said Holloway.
"Why not sit and play in a team instead of rotting in someone's reserves and never getting a look in?
"At the end of the day we've got in a situation where we don't have to sell anyone."
Phillips joined the Tangerines in 2010.