Phillips won the Ulster Superbike title in 2019 but his only appearance over the last few years was an outing at the Cookstown 100 in 2020, where he made his national road racing debut.
The 28-year-old finished second behind Alastair Seeley in the second Superbike race on Saturday, making amends after he was forced to retire from the opener with an issue on the SBR Suzuki GSX-R1000.
Phillips, who made his debut at the North West 200 in 2019, will return to the event from May 10-14 to compete in the Superbike and Superstock races.
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“I can’t wait to do the North West again,” Phillips said.
“I’m going with the 1000cc Suzuki and the bike was flying at Bishopscourt.
“I came in under the radar and didn’t really tell anyone I was coming back, but we’re hoping to do the full USBK season, depending on finances.
“It felt great to be back out there and I’m well happy with how it went after being away for so long,” he added.
“I love the North West 200 and I’m buzzing about doing it on the big bike.”