Here it is
[attachment id=0 msg=2812]

HCO₃ ^2- are always soluble and are weak bases .
All HCO32- (bicarbonates)and CO₃²- (carbonates) reacts with acids and give CO₂ and H₂O
However phenolphthalein show pink color with  strong bases.
Based on the above information try to derive the answer.
Phenols are not strong acids which can break HCO₃ ^2-  to CO₂
Only carboxylic acids and minerals can react with hydrogen carbonate and carbonates to give CO₂ gas.

This reaction is also a test to distinguish carboxylic acids and phenols.