Good afternoon Manmeet,
I do not know much about your SPHR and PHR, but I do know a lot about the CIPD. I know that it is certainly the qualification that people are calling out for back in the UK and is now internationally recognized. I have seen it in job ads here in Dubai. It is at the same level as a Chartered Accountant, as it is the Chartered Institute for Personnel Development, which is at the Master's degree level. My advice to you is to search through some job advertisements and see what qualifications they are looking for. I bet that CIPD comes up in some of the high-profile jobs. However, it is your qualification, and you should choose what suits you best, so don't feel too much pressure here.
I have had a quick look at the websites for SPHR and PHR, and it seems they are national qualifications, not international, but I may be wrong. Being a member of the CIPD means it has the extra edge of continually updating your knowledge; you have to do so to remain a member. Furthermore, the Master's is just the beginning. You then progress further into different fields to be a true professional in your area. Each stage, which is challenging, that you go through (post CIPD certificate) opens more doors. It means that you can also add additional letters to your name, which can be easily distinguishable by fellow HR professionals at a glance when looking at CVs. Each letter represents years of experience, exams passed, etc.
Good luck in your decision, and I hope I don't come across too pro-CIPD!
Nic