Neural Signed Distance Functions (SDFs) excel at reconstructing watertight manifolds but fail on thin structures and open boundaries due to strict inside--outside constraints. Conversely, Unsigned Distance Fields (UDFs) accommodate general geometries but suffer from gradient singularities at the zero-level set, hindering optimization and extraction. We introduce Metric--Phase Fields (MPFs), a decoupled implicit representation that separates metric proximity from topological phase. Given an unoriented point cloud, MPFs learn (i) an unsigned metric field $r$ and (ii) a smooth phase field $θ$, for which we derive a bounded phase indicator $P=\tanh(βθ)$ that provides soft inside--outside cues where they are meaningful. We couple the two fields via a gated-metric formulation with a residual phase injection to obtain a signed implicit function with stable near-surface gradients. The phase coefficient $β$ is learnable, allowing MPFs to adaptively control the sharpness of the phase transition and the degree of saturation of the soft sign indicator. Experiments on both synthetic and scanned thin-shell and thin-plate shapes demonstrate that MPFs preserve thin and layered structures more faithfully than recent SDF-based methods, while also enabling more robust training and more reliable surface extraction than UDF-based approaches. Check out \href{https://github.com/JIAYI-Scarlett/ICML2026-MPF}{MPFs-GitHub} for source code and test models.