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Stable derivatives of oxaphosphaphenanthrenes were prepared by using the reactions of dialkyl acetylenedicarboxylate with 3-bromo-2-naphthol in the presence of trimethyl or triphenyl phosphite under microwave conditions at 70°C in good yields. Under similar conditions, chromene derivatives were produced by using triethyl phosphite and dialkyl acetylenedicarboxylate in the presence of OH-acids in excellent yields