Millions of people travel and do not experience issues with lost luggage.
My longest flight(s) have been from JFK or EWR > HKG > BKK. My bag gets checked from home to Bangkok. I never even think about it getting lost.
DON'T book separate unless you give yourself LOADS of extra time AND you can save a good deal of money.
I think it would be best to book it as a single ticket. If you book separate tickets, then you have to re-check your luggage in PHL and go back through security. Also, what if there's a delay in getting your luggage? You'll also have problems if your first flight is delayed, or if the departure time of the second flight gets moved earlier, or similarly if things on your return flights get changed.
But your bags will go on the same airplanes and be handled by the same airport handlers etc.
The only reduction in risk is you would be transferring the luggage between flights after it makes its way through an airports baggage system.
Plus you would occur the extra time and hassle of having to exit airside, retrieve your bags then check in again and go back through security etc.
Either travel with carry on only or trust the system. Bags do get delayed but the chances are really quite low.
Another option is to take only carry-on. My wife and I have not checked a bag in 15 years - not even for our December trip to Alaska several years ago (during which we encountered temperatures well below zero most of the time). Most people take too much stuff anyway - pare your luggage down to just essentials and you may find that you don't need to check any bags.
In no case would I book separate tickets unless there was no other choice. I've certainly done it in the past, but I always allowed plenty of time between fIights - typically an overnight when possible (which you would want to do in this case since you are fIying overseas).
-JimG
Edited: 20 January 2023, 21:40Thank you everyone
I do carry on only. If you can't manage that, keep a change of clothes/bare necessities with you in the event your luggage is delayed.