Final answer:
Phil is engaged in medium-term financial planning, which is focused on a time frame of one to five years and allows for goal setting and adjustments based on financial or market changes.
Step-by-step explanation:
When Phil is working on a financial plan for the next three years, this period is typically referred to as a medium-term financial plan or strategy. Medium-term financial planning generally focuses on a time horizon of one to five years. This allows for setting measurable and achievable goals while maintaining flexibility for adjustments based on changes in financial status or market conditions.