Here it is
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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.