Big-Box Retailing Tycoon’s Wealth Takes A Hit As Filipinos Skimp On Home Improvement

This story is part of Forbes’ coverage of Philippines’ Richest 2025. See the full list here.
Home improvement tycoon William Belo’s net worth slumped over 40% to $520 million as shares of his big-box retailer Wilcon Depot sank to an eight-year low in April amid sluggish demand. In the first quarter, the company had net income of 536 million pesos ($9.5 million), down 28% year-on-year partly due to the cost of new store openings, while sales edged up to 8.4 billion pesos.
Belo’s daughter Lorraine Belo-Cincochan, the company’s president and chief executive, said in a May statement that a sales surge during the Easter period made her hopeful that demand would pick up later this year. New stores are also seeing increased footfall, she added. The company opened its 100th store at the end of 2024 and plans to add eight more this year.
While falling interest rates and easing inflation may suggest that demand for home improvement products could revive, a June report by J.P. Morgan Asia Pacific Equity Research cautions that consumer confidence about splurging on big-ticket items could take a while to return. Moreover, the report cites intense competition from smaller stores that stock cheap Chinese goods as another drag that Wilcon must contend with.