Philo was named after the founder Philo Hale. The main park, which is used for numerous functions including reserved space for family reunions, located on the north end of the village is named after the founder (Hale Park). Philo is also known as the boyhood home of American writer, David Foster Wallace.
There were 474 households out of which 41.4% had children under the age of 18 living with them, 70.5% were married couples living together, 5.9% had a female householder with no husband present, and 19.6% were non-families. 17.1% of all households were made up of individuals and 8.9% had someone living alone who was 65 years of age or older. The average household size was 2.77 and the average family size was 3.13.
In the village the population was spread out with 30.1% under the age of 18, 6.8% from 18 to 24, 30.8% from 25 to 44, 19.9% from 45 to 64, and 12.4% who were 65 years of age or older. The median age was 35 years. For every 100 females there were 103.4 males. For every 100 females age 18 and over, there were 100.2 males.
The median income for a household in the village was $56,852, and the median income for a family was $60,365. Males had a median income of $43,125 versus $25,446 for females. The per capita income for the village was $21,502. About 2.3% of families and 3.4% of the population were below the poverty line, including 3.9% of those under age 18 and 5.9% of those age 65 or over.