How can the PHP code be modified to properly utilize the transferred form data?

The PHP code can be modified to properly utilize the transferred form data by accessing the form data through the `$_POST` superglobal array. This array contains key-value pairs of form data submitted via the POST method. By accessing the form data using the keys corresponding to the form input names, the PHP code can process and utilize the transferred data effectively.

<?php
if ($_SERVER["REQUEST_METHOD"] == "POST") {
    $username = $_POST['username'];
    $password = $_POST['password'];

    // Process the form data as needed
}
?>