Transcription factor involved in phosphate starvation signaling. Binds to P1BS, an imperfect palindromic sequence 5'-GNATATNC-3', to promote the expression of inorganic phosphate (Pi) starvation-responsive genes. Functionally redundant with PHR1 and PHR3 in regulating Pi starvation response and Pi homeostasis. PHR2 binding to DNA is repressed redundantly by SPX1, SPX2 and SPX4 in a PI-dependent manner.