Hi harsh.
There are 2 approaches to go about making it work.
1. Restoration-
If it was working fine until you packed it in 15 yrs ago, it wont need big makeover. Any good serviceman would do 'oiling greasing'. Stuff like cleaning the bearings, adjusting speed settings etc. next, replace the stylus/cartridge if its broken. The serviceman will guide you about its condition or you can test play an lp to check yourself. In case a replacement is called for, audio technica at91t @ <2k rs is the best bet.
Philips was known for the quality and I doubt any major part would be kaput here. Pm asit, a forum member fm kolkata to know about a good repairman for the job.
Approach 2:
Modify the tt.
This means upgrade the phono stage to an outboard styff, connect it to another amp and speaker.
Use tt only as a transport.
I strogly recommend approach 1.
App 2 is only if you listen to your restored tt and wish to improve sound.
Mind you, a shoestring budget wont suffice for approach 2.
I d like to know what kinda vinyls you have? What titles? Do you wish to exchange?