The Rockies will designate Paul Phillips for assignment to make room for Chris Iannetta, according to Troy Renck of the Denver Post (via Twitter). Phillips will report to Triple A if he isn't claimed. That's where Iannetta posted the .349/.447/.698 line that forced the Rockies to call him up.
Miguel Olivo has been hitting well, so the Rockies have barely used Phillips this season. The 33-year-old has picked up just 19 plate appearances this year, hitting .294/.368/.294. That's a decent approximation of how Phillips has hit in his seven-year major league career.