At 5 percent of its workforce, that implies Philips has close to 100k employees. That's much larger than I'd expect. What things does Philips do that are unknown to me?
ASML and TSMC, which make iPhone chips, were both partially owned by Philips until being sold off. Philips still has a stake in NXP, which makes chips for cars, phones, and industrial devices.
They also sell toothbrushes, electric razors, coffee machines, and breast pumps. And they still sell lightbulbs (but now with Wi-Fi).