While I'm certain you could rationalize it, if it is concealed and you do not have a CHP, you are not legally carrying. Read the first paragraph of the code section on concealed handguns.
Since you have a CHP, there is no issue at all. Even if someone were to claim the firearm is hidden from common observation, you have the permit to do so.
Now, there *is* a chance someone could be scared if they observe the firearm when a shirt flaps back or something. That's their issue, not yours.
And since I don't know what PHO98 might be, I can't speak to that.