The collector is likely connected to 3v3 and the emitter to the pull down resistor and the opamp input.
A current will flow when light hits the phototransistor, and the current causes a voltage drop over the resistor which is amplified by the opamp.
With a If (LED current) of 12mA about 600uA can flow, so the voltage over the resistor is 600mV; instead of the opamp a 10K load resistor probably would have worked too. A Schmitt-trigger would have been better.
edit:
I just studied the datasheet a little closer and I see the current transfer ratio can vary wildly, from 90uA to 880uA for a If of 10mA. So after all, amplifying it 11 times is not that bad an idea after all
(I still would use an Schmitt-trigger)