Hello!
I'd better start off by saying thanks! After having an extremely sad phal (see image 1, about 8 months ago) and seeking advice on OrchidBoard I'm pleased to say that I now have two new big, fat, healthy leaves and a number of new roots.
This phal had been potted in sphagnum moss and wasn't able to dry out completely. Luckily, I had been neglecting it so I didn't end up with too much root rot. Any squishy roots I found were removed. I cut a number of additional drainage holes/slits into the plastic container it came in and repotted it in an orchid potting mix I purchased at Bunnings.
With the new drainage holes in the plastic container, I was able to stick my finger in the bottom of the pot to test for dampness in between waters. Based on this, I have been watering every 10-14 days, allowing all of the water to drip out of the bottom of the plastic container before replacing the whole thing in a decorative pot.
Fingers crossed that I'll get a spike one day, but in the meantime I'm happy with roots.
Thanks for the good advice that allowed this phal to survive, hopefully this info helps some of my fellow newbies!