My personal experience suggests you would want to re-pot it into a clay or ceramic pot with the ventilation holes (as you asked). I like to use a pretty coarse medium with a little sphagnum moss to retain moisture, Phals root rot pretty easily. I have no good experience in keeping them in sphagnum moss, but it may be my growing methods are not compatible with that, it seems to be a green house thing. Also, when I get the cheaper Phals from the big box stores, or from a grocery store, they are usually crammed into the sphagnum moss with a few roots growing along the sides and a tiny rootball in the middle and sopping wet, with the whole put into a non-draining decorative pot. I re-pot those immediately. Your climate and conditions may vary.
What sort of store did you get the plant from? If a department store, grocery or big box store, you will probably want to re-pot your plant. They get Phals as disposable flowers rather than plants for people to grow on. If from a nursery or green house, it may be potted to grow on in its current pot.
I suppose I need to look it up, but there is a sticky video here on how to re-pot Phals that should be very helpful. I would go to the "Articles" section of this forum and do some reading, there is tons of useful information there on things like potting media, how to grow various orchids, etc. It's a wonderful resource!