Waddock told BBC Three Counties Radio: "There's some good young players here. Matty was given an opportunity and he's gone on to the Premier League.
"It would be nice in a few years to have one or two doing the same thing."
Phillips joins former Wycombe defender Roger Johnson in the Premier League, who now plies his trade for Birmingham City.
The pacy midfielder's departure leaves Waddock with one less option on the flanks, but the Blues boss hopes the club's youngsters can compete with wingers Gareth Ainsworth and Kevin Betsy.
"We've got some talented young players coming through," he said.
I think the money is good for what was essentially a fringe first team player for us
chairboy23
"With Gaz and Bets, they can give us the width, but we've got some good young players and it possibly gives them an opportunity."
Waddock would not be drawn on whether the Phillips cash would go into player recruitment, but hinted loan signings could be on the horizon.
"We've got a week's grace and then the window opens for loan deals," he added.
"We'll see how we are over the next week."
Source: BBC Sport
Source: BBC Sport