Daniel,

You can cut the spike as you mentioned, and hope for a second flowering or a
keiki, but you need to judge the condition of the plant first. It takes a
lot of energy for an orchid to bloom, especially a Phal, which blooms for so
long.

If the plant's leaves are looking high and strong, you can risk cutting the
spike. If it looks droopier than it did before, don't do it - the plant
needs to rest.

Personally, I rarely try to encourage a new bloom on an old spike; if the
plant wants to do it, it will, without our help, and if not, I give it the
chance for a little down time in which to produce new leaves. Think of it
as a gal being pregnant all the time. We'd get testy! S

Diana