I know that this thread is old, and judging from the damage your phal has taken in the photos it might not even be alive anymore if it is seriously ill, but since nobody else gave any extensive advice yet...
You need to look at your roots. Remove your phal from the bark medium and take a look. I'm willing to bet that you have some serious root rot going on. Also, on your yellow mushy leaves, if they've fallen off by now (I'm sure they have) then look under the yellow fleshy parts that are still attached to the stem. If you see mold, then you need to remove all of the old dead leaf tissue
carefully, without cutting the stem, and treat gently with hydrogen peroxide.
I had this
exact same thing happen with a phal I bought from a local dealer. The phal was in medium it shouldn't have been in, and ended up drowning without me noticing until it was almost too late. The rapidly yellowing leaves are a sign of serious trouble in the roots, and there is probably also some fungus making its way up the stem eating the dead leaf tissue.
If you have any new bark, I would repot with fresh medium. If you baby your phal and water sparingly, it should bounce back.
I hope that this advice doesn't come too late, and good luck.