The spelling of the word "philbin" follows the phonetic rules of English language. The sound "f" is spelled with the letter "ph" followed by the short vowel sound "i", spelled with the letter i. The next sound is a voiced consonant sound "l" spelled with the letter "l", followed by the short vowel sound "i" again, spelled with another letter "i". The final sound is a voiced consonant sound "n" spelled with the letter "n". Therefore, the correct IPA phonetic transcription of "philbin" is ˈfɪlbɪn.