The presenter experienced a "Judy Finnegan" moment live on air in front of five million breakfast show viewers.
While chatting away with co-host Eamonn Holmes, Phillips was unaware her blouse had become undone and slowly worked itself open.
Eventually her black bra became exposed - revealing her cleavage beneath her navy blue pin-stripe trouser suit.
The presenter carried on talking with Eamonn before suddenly realising she was getting more TV exposure than she bargained for.
She exclaimed: "Oh! My shirt has come undone! You could've told me."
Eamonn joked: "I was enjoying it too much."
She then fiddled with her blouse to cover herself up.
She said later: "We were just about to go over to the weather, when I suddenly experienced a cold front of my own. I'm just glad I had clean underwear on."
Judy Finnegan made headlines when her dress fell open to reveal her bra while receiving an award at the National Television Awards in October 2000.
