According to manual (and what you would expect as user) it is possible to (quote from manual): " you can reposition channels within the list or rename a channel "

Unfortunately, the 58PFL9955H/12 Cinema 21:9 set does not allow a re-order in the Satellite Favorite Channel list. When within the list the option "reorder" is selected instead of reordering the list in which one is currently browsing it shows the full list of all Satellite channels (3000+) and you have to reorder within these - which is impossible from usability point of view.

Related to above issue: it is also not possible to switch channels with a favorite list using the numeric keypad on the remote control. Numeric keypad is always using the full channel list numbers (outof the 3000+) to go to the channel and not the channel number in the favorite list - this makes the use of the keypad on the remote impossible.

Awaiting for 6 months a SW update, but it seems that this issue although I have inserted it several times into the helpdesks of Philips, it is not taken care of / is deemed not important.

Hope this post helps