Phenol is neutralised by sodium hydroxide , which forms sodium phenate or phenolate, but can not be neutralised by sodium carbonate or sodium bicarbonate to release carbon dioxide because it is weaker than carbonic acid.
Phenol is moderately soluble in water, in of water, about of phenol is dissolved.
You get two layers of liquid if you try to remove more than that.
The top layer is a phenolic solution in water, and the bottom layer is a phenolic solution in water.