That is the stage during the menstrual cycle where the follicles in the ovary mature and it ends with ovulation. Those are the days towards the end of your period when you are sometimes the most fertile.
No, it has to do with the ovaries. The follicles in a woman's ovaries mature and then ovulate. While they are maturing they are in the follicular phase.
The follicular phase is a part of the menstrual cycle. During this period, one or two follicles in the ovaries will develop and mature, allowing ovulation.