I really don't think so. The LG has a true 10 bit AH-IPS panel with a wide color gamut, the Philips is a 8 bit panel with a standard gamut.
But I am going to play around with the settings a bit more on the Philips. Only problem is I don't have a calibrator nor have I ever used one.
I think it's unrealistic to expect a VA panel to match a good IPS panel on color, never mind a high-end one like the 31UM97. VA can outperform IPS on black level, but probably not color accuracy and definitely not gamut in this particular case (though unless you've got all of the other elements for a 10-bit workflow in place, gamut doesn't really matter). The price of the Philips compared to your LG despite the fact that the Philips is significantly larger should have been a signal that something would have to give here, even taking into account the savings Philips enjoys from repurposing a TV panel.
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