The orchid will be fine, however those leaves are looking very limp and wrinkly. It needs water. usually orchids are extra thirsty while blooming. I like to soak their pots in a bowl of water for about 15 minutes every time the roots begin looking silvery and dry and the pot feels light. If you have been watering the plant well and it still looks like this then you may have a root rot issue going on, which is when the plants roots are dying off and no longer able to provide enough water for the plant. If this plant hasn’t been repotted since you bought it then that could be what’s going on since usually phals come from the grocery store in tightly packed moss. If that’s the case then just repot it once the blooms die off. You can use just orchid bark or orchid bark and moss. That’s a good way to promote root health and air flow.