It looks like plain 'ole sphag to me- maybe dyed to make it more aesthetic.
I'd switch to bark- it's easier to control the water retention, and the roots won't rot as easily.
Now would be a great time to repot anyways since it's done blooming. You'll find a bajillion threads about repotting phals, medias, cutting the flower spike, etc, on this board if you search for them, and in the Member Articles section that is linked on the left side of the page.
I think that may be decorative moss on top - tho it's possible it's also potted in sphag moss. Actually the Phals I got in the past from Costco were in bark, but guess it all depends on the grower they get them from
i'm a bit hesitant to pull it all out. Is it stressful on the plant? I was planning on repotting it within a week with bark so I will examine it soon enough.