William Belo: Wealth, Business Empire, and Life Outside Work

Entering this year's dollar-billionaire list from the Philippines is none other than the king of home improvement and construction products, William Belo. He became an entrepreneur a little later than some of his contemporaries, having opened the first Wilcon hardware store in Quezon City at age 32.

From there, he's turned it into a big-box retailer that accommodates plumbing, furniture, and electrical solutions. Not even the pandemic could slow Wilcon Depot down and by 2017, Wilcon debuted in the Philippine Stock Exchange (PSE). Belo's company hopes to have 100 Wilcon Depot by next year, now with his daughter Lorraine Belo at the helm.

The founder and chairman emeritus of Wilcon Depot grew his business from a decent 60-sqm store in Quezon City to a big-box retailer with branches across the nation. Here's everything we know about William Belo.

Net worth: $1 billion (P56.5 billion)

Age: 78

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In His Youth

Born in Amoy, China, William Belo grew up in the Philippines. His father had a minor stake in a construction supplies store in Divisoria, Manila. Belo would spend his time there growing up. He would go on to attend the University of Santo Tomas (UST), where Belo graduated with a Bachelor of Science degree in Electronics and Communications Engineering in 1968.

There isn't much information about his parents or his family background in his youth. However, what we do know is his father helped him with his son's ventures. His dad had sold the family's stake and the funds from that would help Belo pursue his entrepreneurial dreams. In 1977, Belo and a couple of his cousins established the Wilcon Builders Store, a modest one-stop hardware store in Quezon City.

William Belo's Business Empire

Before Wilcon Depot Inc. became a powerhouse of a retailer, it took the long way in terms of expansion. It, of course, only went public in the PSE in 2017, 40 years after its first branch. Belo would slowly but surely build a vast selection of international and local products, handpicked by Belo himself. He often would find himself going to various trade shows. Each of his depots have an estimated 200,000 stock keeping units to them, as well. Complementing these big shops are community outlets scattered nationwide.

Most people don't know that Belo also has interests in, of all things, crocodile farming. It was in the '90s, in the aftermath of the Asian financial crisis, that the chairman took an interest in layer farm production. Although other reports suggest that he began farming chickens in 1989.

Producing chicken eggs would soon give way to breeding crocodiles. At first, it was a way to dispose malnourished chickens, but then this arm began having finished food products. His investment would pay off soon enough. By 2019, Belo was said to have had 23,000 crocodiles at his disposal. He would maintain two crocodile farms for breeding and for waste management. The Belos, under the Dundee brand name, would wound up selling 4,000 crocodile skins on average annually to brands like Louis Vuitton and Hermes.

While all that was happening, Wilcon would grow exponentially. In 2003, Belo would start his depot concept and from there would take it to the current 2,000-sqm format. Today, its market value is estimated to be around P65 billion, according to market research. Apart from this, Belo would go into real estate, agriculture, and more. He would serve as director of Markeenlo Realty Inc., Lomarkeen Realty Inc., as well as the Chairman of Coral-Agri Venture Farm Inc., Coral Farms, and WAJ Realty Development Inc.

Belo's Impact on Philippine Economy and Society

Through the Wilcon Builder's Foundation, Inc., the company's non-stock, non-profit arm, Belo has donated to various foundations and scholarships, mostly targeted toward underprivileged children. It regularly hosts fund-raising events for the benefit of children and victims of natural disasters in the Philippines.

In 2017, for instance, Wilcon Depot donated P6 million to the Gawad Kalinga Community Development Foundation, Inc. Two years later, the Wilcon Builder's donated to ABS-CBN Lingkod Kapamilya Bantay Bata 163’s Children’s Village project, as well. It also pledged to lend its products to help rehabilitate the Children's Village in Bulacan.

For his efforts in the past, Belo was recognized as The Manila Times: Man of the Year and one PeopleAsia's People of the Year, among other accolades. He's also been recognized by the ASEAN Business Awards and by his alma mater, UST.

Meanwhile, at UST, Belo was conferred the Doctor of Commerce degree, honoris causa, back in 2023. A year later, the university broke ground for the Dr. William T. Belo Interdisciplinary Research Institute in Sta. Rosa, Laguna. It is envisioned to be a center for innovation and education. Among its key areas of discipline are energy, food security, health, economic sustainability, and communications, among other studies.

Outside the Boardroom

The next generation of Belos are now involved in the business. Belo has three children, all of whom occupy key positions within the company. His daughter, Lorraine Belo-Cincochan is now the CEO of Wilcon Depot Inc. She joined the home improvement empire in 2000 and became its leader in 2016. 

Since then, the company has gone through a more aggressive expansion period, having opened about eight to 10 stores a year leading up to its 2025 goal of 100. Belo's other daughter, Careen, is a director for the company, while only son, Mark, is chief financial officer.