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SHRM-CP is probably better. It has is gathering more pace as a contemporary certification body within the HR world. Also is not only recognized in the US. Their examinations are being taken in other countries as well.
PHR is fact based and memorization, SHRM-CP is more situational and real world. Both seem to be accepted by businesses but SHRM is becoming the front running in my experience.
If you are able, take the SPHR. There are only 5 more questions and it is more prestigious than both of the others you mentioned.
If you cannot, consider the type of test taker you are and experience you have. PHR is more textbook answers so very black and white for studying. It leaves little room for interpretation or application. SHRM CP is more real world but difficult to apply if you have had limited HR experience.