This is a cross from Zepherus Orchids in Ontario. The light lilac coloration and general flower form is from the species P. pearcei and the reds in the pouch from Hanne Popow. Phrag. Hanne Popow (for those that don't already follow such things) is a cross between P. besseae x schlimii. The parentage means this cross has a love of water and can be grown in a "standard" Paph/Phrag mix. Mine sits in a saucer with water present at all times (the mix is wet, but coarse enough to allow some air into it.)
Phrags in general do not like a salts build up in the mix so I flush regularly with "pure" water (from our reverse osmosis unit.) I also fertilize once or twice a week with a fertilizer mix at 125ppm nitrogen mixed in pure water. If fertilizer build up occurs, it results in browning of the leaf tips.
This is the first blooming on this plant since I got it at a seedling.