If a token is phased out when it would phase back in does it reenter the battlefield?

When a permanent phases out, it is treated as though it doesn't exist, but it remains associated with the battlefield zone. When it phases back in, it is considered to have not left the battlefield at all—it simply becomes a visible, active permanent again. This means phasing in is not entering the battlefield; "enters the battlefield" triggers do not fire (CR 702.26e).

Tokens are subject to state-based actions, one of which says a token that is in a zone other than the battlefield ceases to exist (CR 704.5d). However, a phased-out token is still considered to be on the battlefield (just treated as though it doesn't exist for most purposes), so state-based actions do not remove it while it is phased out.

When the token phases back in, it becomes a normal permanent on the battlefield again. State-based actions are then checked, but since it is on the battlefield, the token-in-other-zone rule does not apply and it survives. No "enters the battlefield" event occurs, so ETB triggers do not fire.

Example: You control a 1/1 Soldier token that gets phased out by an effect. On the next untap step, it phases back in. It simply becomes an active 1/1 Soldier token again—no ETB triggers fire, and it does not count as a new permanent entering the battlefield.

In short: the token returns to active status on the battlefield without ever having left it, so it does not "reenter" the battlefield, and no enters-the-battlefield abilities trigger (CR 702.26e, 702.26b).