Have you tried connecting the ASROCK HT Vision media player directly to the Phillips TV to see if those audio formats works fine?
I would like you to test the latest graphics driver we have available. I am not sure if you have tested that one or not https://downloadcenter.intel.com/Detail_Desc.aspx?agr=Y&DwnldID=22610&lang=eng&OSVersion=Windows%208*&DownloadType=Drivers
If issue persists I would like you to post the dxdiag report.
It would be very useful if you post some type of diagram of how the devices are connected.