In order to solve the error, uninstall the program using its uninstaller or Add or Remove Programs issue and download and install the latest version available. Also, after the removing process is complete, run a registry cleaner to make sure that there are no leftover rogue registry keys in your system.
Alternatively, go to the location suggested by the error, right-click on the log file and open it in Notepad. After that, contact the Philips Support team and send them the error information.