Behind slotted screws (which I believe the civilized world banished decades ago) Phillips are the worst thing known to man. The best thing they will ever do is center the drill bit that is to destroy them. And that's what this one did.
With that out of the way this bike needs brakes. Which starts with a bottle of this stuff.
And some bolts
Bled, braking, and looking good!
Cap it off with some stainless cap bolts, and call it a night:
Not a ground breaking event or anything, but an important step.