My Philips 42"lcd tv modle

http://www.shopjimmy.com/philips-996500042146-power-supply-unit.htm That is the most likely cause of your problem.

Tries websites like Shopjimmy.com,Ebay.com to buy a whole refurbish power supply board for the replacement.Because the power transformer and fuse blowns all the times,board have major shorts somewhere in the board with multiple components parts,will not able to solved it,only have excellent electronic trouble shooting skills and circuitries thoeries only able to solved it.

here is the manual click on the kid rate the star and download will start
http://safemanuals.com/user-guide-instructions-owner-manual/PHILIPS/42PFL5332D-37-_S

If the backlight of the LCD-panel does not function, (no picture) then Master and/or Slave inverter are defective. Inverter boards are screwed to both sides of the LCD display, if they have revision 1.2 boards then they will need replaced with revision 1.3 boards.

check remote faulty batteries/take them out see if it stops doing it also depress menu button on tv might be stuck

Call philips. There may be a software update that the set is looking for.

May try to replace your power supply. Average cost runs $200 via Internet. Also may inspect test & replace deformed an or any bulging caps.

Is the fuse in the plug okay?

If the fuses are not blowing when you are turning the tv on, this suggests that the PSU primary side is okay.

Since you have opened the TV up, I would suggest probing around with a multimeter however I do not want to let you harm yourself or the TV.

Look for any:

http://en.wikipedia.org/wiki/Capacitor_plague

on the power supply

Yes,you are correct.