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The setting does not actually say 48V or phantom power.  It relates to the type of microphone you are using.  So for a microphone using phantom power the setting would be changed to condenser.

Enter the SETUP menu and on Page 1, top left hand option is where you select whether the mic is a dynamic or condenser.  Press the Genre button to select the menu and then turn the encoder until condenser is selected.  The microphone XLR will now have phantom power on it.