I work for one of the major Banks in Belize. I have personally reviewed BTL’s financial statements. They are not losing money in any segment of their business. Although revenue remained flat year over year, this may be a product of not adapting to a changing market and finding new sources of revenue and add-on features.
If they paid more attention to internal fraud and settled legal battlles brewing over several owndership changes, they may find more profits than arguing over technology.
Mr. Boyce, in his own words stated that BTL could drop their international rates by 2/3 and still be profitable. He publically admitted to ripping off the country when it comes to long distance.
Why is India such a hot spot? Because they have a well educated population and cheap and fast fiber optic connections. If a country like Belize is to succeed on the world market, an open stream of communications with the world is required. If BTL wants to concern itself with their short-term profits, they will harm the rest of the country for years to come.
The country is at a crossroads and has some important choices to make. The problem is not just cheap long-distance, the problem is how to keep Belize popular as a tourist destination, a business destination and a player in the world market.
Download BTL’s annual financial reports and see for yourself: