MANILA - Top fund manager Mark Mobius on Monday said he is bullish on the plans of the Duterte administration to spread development to the provinces.

Mobius, the executive chairman of Templeton Emerging Markets, said the plans of President Rodrigo Duterte to increase spending in areas outside Metro Manila will "result to more investments and faster growth."

He said he is looking for more growth areas in parts of Visayas and Mindanao to invest in private equities.

“I think in each of those areas there will be some interesting developments taking place and we’d like to do more private equity investing in those areas,” he told ANC Monday.

READ: Duterte eyes spending spike to spur countryside

Mobius is also positive that Duterte will continue reforms started by the previous administration.

He said the proposed reforms of the Duterte government are more promising than the stimulus plans that other nations are planning through their respective central banks.

"I think central banks have got it all wrong. They think they can stimulate growth in countries by printing money and that's not going to work. What is going to work is reform, the kind of reforms that the current administration is planning in the Philippines is what's going to create growth," he said.

He added that there is a need to loosen restrictions on foreign investments in some sectors.