How can I effectively read the given XML file format using PHP?

To effectively read an XML file format using PHP, you can use the SimpleXML extension which provides an easy way to manipulate and read XML data. You can use the simplexml_load_file() function to load the XML file into a SimpleXMLElement object, and then navigate through the XML structure using object properties and methods.

$xml = simplexml_load_file('file.xml');

// Accessing elements and attributes
echo $xml->elementName;
echo $xml->elementName['attributeName'];

// Looping through child elements
foreach ($xml->children() as $child) {
    echo $child->getName() . ": " . $child;
}