Here's how it unfolds:
* The Fountain of Youth: Philip, desperate to find the Fountain of Youth, attempts to drink from it himself, believing it will grant him immortality. However, the Fountain's true effect is to reverse aging. Philip, already old and frail, begins to age rapidly and dies a gruesome death, turning into dust.
* Jack's Triumph: Jack, having outsmarted Philip and the other pirates, emerges victorious. He drinks from the Fountain and becomes young again.
Therefore, Philip's fate is a tragic one, his pursuit of immortality ultimately leading to his demise.