Welcome Jackirko!
Nice of you to take the plant to save it! Orchids aren't as delicate as they are said to be, and are actually quite tough, if you know the basics of culture.
First of all, you need to repot it ASAP into an appropriate medium. Phals grow up in trees in nature, so what we plant them in needs to replicate those conditions: lots of air flow around the roots, and dries fairly quickly. That's why orchids are generally grown in bark based medium. So I recommend that you find a good bark mix (not stuff that has lots of fine particles in it - I believe miracle gro mix is really bad in that respect). The bark needs to be left to soak at least over night before use, otherwise it dries much too quickly in the first couple months.
Second, the pot you have it in is much too large. You need to chose a pot in which the roots will snugly fit. Why? A big pot with few roots in it won't dry out very quickly in the center, leading to root rot.
A new leaf is certainly good news, and the plant looks otherwise healthy, so I'd guess that there are still some good roots down there.