Tertiary amines can remove one benzyl group (but not an ethyl group) from phosphorus acids (Baddiley, Clark, Michalski, and Todd, J. Chem. Soc.(?) 1949, p. 815). From what I can gather, a second benzyl group is not removed. I assume that this is a nucleophilic attack on the benzylic carbon. With respect to why only one benzyl group, I would explain it as a repulsion of the nucleophile by the negative charge on the newly deprotected oxygen atom. There is also a paper from the Todd group that deals with attack on P versus attack on C: VM Clark and AR Todd, J. Chem. Soc. (1950) p. 2023.