Regis Le Bris' team's top-flight return has been outstanding this season, with the club reaching as high as second-place on the table.
Reflecting on Sunderland's first months, Phillips told The Sun: “I have been in the owner’s company a few times and spoken to him about his vision.
“He comes across as a very quiet, unassuming person but he clearly has a passion for the football club.
“And he has surrounded himself with very competent people who are equally ambitious and all want the best for Sunderland.
“It’s all very good saying things but Kyril is well and truly backing it up with his actions.
“Like most fans, I was initially surprised at the investment in the summer and the money spent on the area surrounding the ground.
“But now you get the impression, he has only just started.”
And Phillips added: “Sunderland are having an incredible season. The owner has already proved he is not afraid to invest heavily.
“It is easy to get carried away but from what I have heard from the man himself he wants to take the club to the very, very top.”