The plant looks big and healthy, so should be fine. Sometimes Phals do crazy things like that. I had several Phals growing more than one leaf at the same time, which is unusual for them. I also have a crazy Phal. equestris keiki whose largest leaf is about 2 inches and this plant has 2 spikes

and is growing a new leaf. On the spikes it has a keiki developing on each one and was also trying to bloom at the same time. The plant seems to be doing well, so I let it do what it wants to do but it really is pretty tiny.
Susan