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I have grown Phals in both sphagnum moss and medium fir bark chips. I'm a notorious Phal killer, and for myself at least, have found that putting some styrofoam (a packing peanut or two - white or green ones; and not the cornstarch ones that melt) in the center of the root mass has been helpful.
Sphag holds moisture longer, so need to watch that you don't over water. It also breaks down quickly, so needs replacing annually.
Bark needs more frequent watering in general. New bark will need more frequent watering for the first few weeks. As it becomes older, it will stay moist longer. Bark breaks down more slowly, and should be replaced every two to three years, approximately.
I use plastic pots (drainage is a must!), tho others may use clay pots, or baskets. Media in plastic pots will dry a bit more slowly.
Water when the potting media is very nearly dry. I use a bamboo kabob skewer in the media to check.