Theoretically, yes.So all three colors are using the same blue LED chips, and the phosphor converts blue to either red or green. What bugs me about this is that it would be more efficient (and probably a little brighter) to use native red or green LEDs instead of the phosphor-downconverted blue ones.
But the thing is, due to mass production, blue chips are simply cheaper than red or green chips, and also more efficient. Not that higher efficiency red or green chips do not exist, but I mean more efficient for the same price. For the same price as a blue chip, you are going to get a red or green chip that is half as efficient. What this ends up meaning is that a blue chip coated with phosphor is going to end up having about the same efficiency as red or green LED. Unless the manufacturer wants to shell out lots of money and get the most efficient red and green chips, which are probably going to be several times more expensive due to a lower volume of production than blue chips. Blue chips are used to make white LEDs, which are ubiquitous.