Transcription factor involved in phosphate starvation signaling (PubMed:18263782, PubMed:26082401). Binds to P1BS, an imperfect palindromic sequence 5'-GNATATNC-3', to promote the expression of inorganic phosphate (Pi) starvation-responsive genes (PubMed:25657119, PubMed:26082401). Functionally redundant with PHR1 and PHR3 in regulating Pi starvation response and Pi homeostasis (PubMed:26082401). Involved in both systematic and local Pi-signaling pathways (PubMed:19704822). Regulates several Pi transporters (PubMed:18263782). Regulates the expression of PT2 (PubMed:20149131). Directly up-regulates SPX1 and SPX2 expression, but PHR2 binding to DNA is repressed redundantly by SPX1 and SPX2 in a PI-dependent manner (PubMed:25271318). The DNA-binding activity is also repressed by SPX4 (PubMed:24692424). Involved in root growth under Pi deprivation (PubMed:18263782). Interacts (via C-terminus) with SPX4 (via N-terminus) in the presence of inositol polyphosphate (PubMed:24692424, PubMed:27080106). Interacts (via C-terminus) with SPX1 and SPX2 (via SPX domain) (PubMed:25271318). Interaction with SPX4 trap PHR2 within the cytoplasm and affects the nuclear localization. Expressed in roots, stems, leaves and fruits (PubMed:18263782). Expressed in the root cap and in the exodermis, sclerenchyma and vascular tissues of the root, in the cortex cells and the stele of lateral roots, in the mesophyll cells of the leaf, in pollen, vascular cylinder of the anther and the veins of the lemma, palea and pistils, and in all node I tissues (PubMed:26082401). Expressed throughout all stages of plant growth. Not regulated by Pi starvation.