The 26-year-old, who won gold over 60 metres at the European Indoor Championships in March, is due to compete in the 100m at the Great CityGames, held on Deansgate in the city centre on Friday.
It comes after the terror attack at the Manchester Arena after an Ariana Grande concert on Monday, which killed 22 people and wounded 59.
The CityGames, which is free to the public and shown live on BBC Two, has been given the go-ahead by Greater Manchester Police and the city council.
A decision on Sunday's Great Manchester Run, Europe's biggest 10km race, will be made by Wednesday evening, organisers said.
Philip, who also won bronze in the 4x100m relay at last year's Olympics, told Press Association Sport: "It could be a tribute. It's quite upsetting. I love kids, so to find out loads of kids got hurt is scary. I hope everything is going to be safe.
"What can you do? We can't live our lives in fear. It's always going to be in the back of my mind, but we know it can happen anywhere.
"You just have to be positive. If you're not positive then you might as well stay in your house and never leave again.
"We hope the public still come out and watch us, but I don't blame them if they don't. I hope everyone is safe and my heart goes out to the families."
Double Paralympic champion Jonnie Peacock, 2012 Olympic long jump champion Greg Rutherford and Richard Kilty, who won the men's European indoor 60m title, are all due to compete.
Philip's victory at the European Indoors was her first major senior individual title and she is now looking ahead to the Anniversary Games at the London Stadium on July 9.
And Philip, who has battled back from injuries - including a serious knee problem - is confident she has proven the doubters wrong.
She said: "I felt like I learned a lot. People didn't believe I could do it. I felt I succeeded in the final and I'm just hoping I can carry that through.
"I learned a lot about my body. That final taught me that, while I had injuries in the past, they don't affect me any more."
For tickets to see Asha Philip and the world's best athletes at the Muller Anniversary Games on 9 July and witness one of Mo Farah's last appearances on the track go to www.britishathletics.org.uk
