Its possible the phosphates have simply be taken up by the plants... 5ppm is an okay amount which should easily be consumed quickly by the various plants in your tank, especially since your tank has Co2 injection and sufficient lights.
One thing with the API phosphate test color chart is that although the 5.0ppm measurement has a very distinct dark color, when it gets to 2.0ppm and below, the colors start to become abit difficult to distinguish, the tone of the yellowish color start to get affected by ambient light and background, can look more greenish at some angles while at some other angles can look more yellowish. When i use that test i just assume any yellowish color could be between 0-2ppm.
I guess as long as your plants are not showing phosphate-related deficiencies and algae is not going crazy in the tank, it most likely means PO4 is at ideal levels for the plants to utilize and grow.
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