The decision to actually remove the title will have to be made formally by the Honours Forfeiture Committee. This marks the first time, according to the BBC, that MPs have attempted to remove a knighthood from a member of the public in this way.
Sir Philip is apparently scheduled to meet with the Pensions Regulator this week to shake hands on a deal over the collapse of the BHS pension fund, which equated to £571m at the time of the retailer's demise.
Labour MP David Winnock allegedly named Sir Philip as "a billionaire spiv who should never have received a knighthood. A billionaire spiv who has shamed British capitalism."
The work and pensions committee chair Frank Field said that the findings of the committee's report showed Sir Philip was well aware of everything happening at BHS and that he could have solved the problem of the pension deficit easily.
He added, "We are dealing with a man who has huge sums in wealth. He could have dealt with the pensions problem and walked away smelling of roses. He would have helped us begin to set the debate about how we deal with pension deficits.
"He had nothing to say and couldn't help us lead the debate."
MPs from across the political parties were united in vilifying the billionaire's actions.
Meanwhile, the pensions regulator has said it is still waiting for Sir Philip to produce a plan to help former BHS staff.