Can I use the microphone and stream audio on my Philips headphones while playing games?

Streaming stereo audio and use of the microphone requires two different Bluetooth profiles. Bluetooth cannot handle two different profiles at the same time. You can connect one Bluetooth audio device (supporting the A2DP and AVRCP profile) and one Bluetooth communication device (cell phone supporting HFP or HSP profile) at the same time. However, you can only use one at a time by switching between the two connected devices.