Business & Economy

The Caye Caulker Belize Tourism Industry Association (CCBTIA) inaugurated its new Tourist Information Center (TIC) in Caye Caulker Village on August 2, 2024. The event was attended by a diverse group of guests, including BTIA members, management, and representatives from the Belize Tourism Board. The main highlight was a ribbon-cutting ceremony that marked the official commencement of TIC's operations in Caye Caulker.

The Belize Trade and Investment Development Service (BELTRAIDE) ended a three-day road show for Micro, Small, and Medium Enterprises (MSMEs) in San Pedro Town, Ambergris Caye, on Saturday, August 17th. The National MSME Roadshow engaged island and mainland stakeholders in discussions, training, and information-sharing sessions, culminating in a Buy Belizean Expo at Central Park in downtown San Pedro. The roadshow now heads to Caye Caulker from Thursday, August 22nd, for two days.

On Wednesday, July 24th, the Caribbean Association of Electric Utilities (CARILEC) released the results of its 2024 study on the rates charged by electric utilities in the Caribbean. The study showed that out of 22 regional utilities, Belize Electricity Limited (BEL) ranked fourth for the lowest charge rate compared to other regional utilities. Currently, only three regional utilities have lower prices than BEL and receive subsidies from their respective governments. 18 of the 22 utilities have higher monthly bills compared to BEL customers. Belize is proud that BEL continues offering beneficial rates for industrial and residential customers, ensuring more affordable options for consumers than other Caribbean providers.

Bowen & Bowen Limited has recently raised the prices of its drinking water and soft drinks, sparking public concern and directly impacting consumers. In their product line, the cost of the five-gallon water has increased from $5 to $6. Additionally, the 1.5-liter (L) plastic colas are now priced at $3, up from $2, and the 2L plastic colas are now priced at $5, up from $4.65, making these popular beverages less affordable.

During the ongoing monitoring of Hurricane Beryl, the National Emergency Management Organization (NEMO) branch in Belize Rural South (Caye Caulker and Ambergris Caye) is reminding the public that price gouging (raising prices on goods) during an emergency is illegal. They encourage residents to report any instances of price gouging by establishments as Hurricane Beryl approaches Belize.

The proposed increase in entrance fees at the Hol Chan Marine Reserve (HCMR) from US$10 to US$20 has sparked controversy among tour operators and tour guides. They have voiced their concerns, questioning the HCMR management about the 100% increase and the need for a proper justification. HCMR has responded to these concerns, explaining the process that led to the new proposed entrance fee. It's important to note that the US$20 entrance fee was not a unilateral decision by Hol Chan but a collective one following a meeting with the heads of the associations representing tour operators, tour guides, and sports fishers, ensuring transparency in the decision-making process.

The cost of living continues to be a dilemma for many Belizeans as prices for basic goods have increased nationwide. According to the Statistical Institute of Belize (SIB), consumer prices for April were 3.9% compared to last year. Basic staples such as a 16-ounce loaf of bread recently experienced a 20% increase. In San Pedro Town, Ambergris Caye, the price of bread sold in packs of 17 and 22 ounces remains unchanged; however, other food items have slightly increased due to the cost of transporting goods to the island.

The Hol Chan Marine Reserve (HCMR) has expanded over the years and now includes marine areas within the popular Secret Beach northwest of Ambergris Caye. Regulations restrict water structures in marine reserves. However, at Secret Beach, an agreement was made between HCMR and the stakeholders where they suggested a fee to keep the water structures. This agreement limits the amount of structures in the water and requires the use of environmentally friendly materials for building. A fee of $100 per structure per month was agreed upon. Some businesses have complied with this fee, while others have not. Hol Chan has indicated that this non-compliance is causing issues, as some establishments have fallen behind on payments, resulting in high arrears.