January 23, 2025 - Channel 5 Belize

Belize New Currency Notes Unveiled

The Central Bank of Belize this evening unveiled Belize’s new currency notes. The new notes feature the images of two national heroes: George Cadle Price and Phillip Goldson. Central Bank Governor, Kareem Michael, said, “Both heroes were proud, fearless Belizeans.”

The bank notes will be released at around June/July.

The Central Bank stressed that while the new banknotes featured different designs, their value remained unchanged. A dollar still equalled a dollar, and the exchange rate stayed steady at two Belize dollars to one U.S. dollar. It was noted that removing the monarch’s portrait was not unprecedented, as Belize joined a growing number of Commonwealth countries that transitioned away from featuring Queen Elizabeth II on their currency.

Earlier this week, Prime Minister John Briceño told reporters, “It is a beautiful note.”

The new notes are more modern and equipped with enhanced features to prevent counterfeiting. “It is something that Belizeans will accept, and it is our people on our note,” Briceño added.

Man Goes Missing After Trip to Chetumal

A Belizean man has gone missing after travelling to Chetumal, Mexico. Vincent Young, 34, was last seen on November 13, 2024, around 3:45 p.m. in Corozal. Records show that he entered Mexico but has not returned to Belize. His family is now seeking answers since Young’s whereabouts remain unknown.

Sally Lou Young, Vincent’s sister, told News 5 that her brother simply told their mother he was heading to Mexico, but no further details were given. “What he was doing with who, when, where, and why we don’t know,” she said.

After filing an official report with the Corozal police, the family travelled to the Chetumal border and confirmed Vincent entered Mexico legally on November 12. However, there is no documentation of him returning to Belize.

“He went legally into Mexico in his personal vehicle. He entered Mexico and hasn’t returned. As of now, that’s all we know,” Sally Lou said.

Sally Lou stated that the situation is now “international,” making it more complicated for the family to intervene directly. She said Belizean and Mexican authorities are continuing their investigation. She added, “If anyone happens to see him, hear of him, or call them to contact the family,” to let the family know.

PM Proposes Solution to Farmers’ Financial Struggles

Sugarcane farmers in the north have long reported their struggles with poor road infrastructure, but the financial burden they face is equally concerning. Prime Minister John Briceño is calling this financing system “gouging” and proposing a bold solution.

“One of the challenges our farmers have is the issue of financing. They get these one-year financing loans from the bank, and the interest rates are as much as fourteen percent,” Briceño said, adding, “They are gouging them.”

Briceño explained that this high interest rate forces farmers to continually renew their loans, leaving them stuck in a cycle of debt with little room for growth. To address this, the Prime Minister has proposed a new plan. “One idea we are looking at is providing the financing… using this excess liquidity, passing it on to DFC, and DFC could go to the farmer.”

This proposal aims to lower interest rates and offer farmers longer repayment periods, giving them much-needed breathing room to rebuild their fields, according to Briceño.

PM Briceño Calls for Fairer Contributions from Tourism Sector

In late 2024, reports emerged that the government was considering raising the hotel tax from 9% to 12.5%. Although the Ministry of Tourism has not made a final decision, the proposed increase is part of a broader plan to reform tourism taxes.

On Wednesday, Prime Minister John Briceño told reporters, “We have invested tens of millions of dollars in the tourist industry, and taxpayers have paid for it.” He added that Belize has made significant public investments to support the industry in infrastructure development and marketing, which has led to Belize having “the fastest growing tourism in the region.”

“So now that we have done all that. I think it is only fair to get back some of that money and give the relief to people who need it most,” Briceño said.

On a single day in March 2024, Belize welcomed the highest number of visitors ever recorded, with 16,000 passengers arriving on its shores. The Belize Tourism Board (BTB) had projected that 2024 will not only meet but surpass pre-pandemic levels, making it a historic year for the industry.

“I do believe the tourism industry needs to pay their fair share,” Briceño added.

Imports Soar by 10.2%, Exports Drop 2.3%

Belize’s trade figures for November 2024 show a mixed bag, with imports soaring by 10.2% to $230.4 million compared to $209.1 million in November 2023. Meanwhile, exports took a hit, primarily due to a dramatic drop in sugar exports. The country saw strong growth in categories like ‘Machinery and Transport Equipment’ and ‘Food and Live Animals,’ but a sharp decline in ‘Mineral Fuels and Lubricants’ and sugar exports raised concerns.

According to the Statistical Institute of Belize (SIB), the increase in imports was driven by significant purchases in several key sectors. ‘Machinery and Transport Equipment’ led the charge, rising by 36.5% to $61.9 million, with high-value items such as airplanes and heavy-duty trucks boosting the total. Meanwhile, imports into the Commercial Free Zone grew by $8.9 million, reflecting higher demand for footwear and floor fans.

The ‘Food and Live Animals’ category also saw a substantial uptick, climbing by $8.1 million due to imports of wheat and orange concentrate. The SIB reported that a major decline in ‘Mineral Fuels and Lubricants’ occurred, which dropped by $8.3 million as the country imported no diesel fuel in November.

On the export side, the SIB reported that Belize’s total exports fell slightly by 2.3%, totalling $22.3 million. The sharpest decline was in sugar exports, which plummeted by over 75%, dropping from $6.5 million in November 2023 to just $1.4 million. Conversely, Citrus Products saw a massive boost, with exports tripling to $3.5 million. This was driven by a surge in orange concentrate sales.

Despite these fluctuations, the SIB stated that the overall export trend for the first eleven months of 2024 remained stable, with a slight 0.4% increase compared to the same period last year.

Cost of Living Up by 2%

Belizeans are feeling the pinch as prices surged 2% in November 2024 compared to the same month last year. This increase was mainly driven largely by increased costs in food, housing, and restaurant services, according to the latest Consumer Price Index (CPI) report from the Statistical Institute of Belize.

The overall national inflation rate stood at 120.1 for November 2024, up from 117.7 in November 2023.

Food prices alone contributed almost half of the inflation, with a 3.6% increase in the cost of food and non-alcoholic beverages. Key items like pineapples, watermelons, and limes saw price hikes of 14.7%, while everyday essentials like breads and tortillas went up by 3.4%. Meanwhile, housing costs also rose by 2.5%, with increased rental prices and a rise in LPG prices.

In contrast, transport costs dipped by 0.8%, largely due to a drop in fuel prices. The price of diesel fell by $1.13 per gallon, and regular gasoline saw a decrease of $0.71. However, passenger transport services, including taxis and international flights, became more expensive.

Belmopan and Corozal recorded the highest inflation rates at 4%, with notable price increases in food, household goods, and rentals. On the other hand, Independence saw minimal change in prices, with an inflation rate of nearly zero.

For the year to date, inflation stands at 3.3%, primarily driven by food and housing costs. Prices in most categories have increased, while communication equipment like cell phones has seen a decline.

SIB Reports Belizeans ‘Feeling’ Financially Better

According to the Statistical Institute of Belize (SIB), Belizeans are feeling a bit more optimistic about the economy as the country’s Consumer Confidence Index (CCI) in Belize rose slightly by 0.9% in November 2024, reaching 44.7, up from 44.3 in October.

This marks a recovery after a dip in previous months.

The CCI measures how consumers feel about the economy, their personal financial situation, and their willingness to make significant purchases like homes or cars. An index above 50 indicates general optimism, while anything below signals more pessimism.

SIB reports that the rise in November was driven by improvements in consumers’ views of both their current financial situations and their expectations for the future. The ‘Present’ component, reflecting current financial sentiments, increased by 3.6%, while ‘Expectations’ about future conditions grew by 3.5%. However, consumer sentiment regarding major purchases of durable goods, such as appliances and vehicles, saw a decline of 5.8%.

Urban areas saw a more significant boost in confidence, especially in future expectations, with an increase of 7.1%. Rural areas also showed optimism, though more modestly, with a 0.7% increase.

While men experienced a notable 4.9% rise in confidence, particularly about their present financial situation, women saw a slight decline of 2.9%, due to lower confidence in making large purchases.

Age-wise, younger groups, especially those aged 18-24, reported the highest increase in confidence, with a 5.7% rise. However, those aged 25-34 saw a drop of 7.1%.

The index reflects shifting moods in the country, with a general trend toward optimism but cautious outlooks on major spending, according to the SIB.

Accused Murderers Appear in Court

No plea was taken from 29-year-old car dealer Jovannie Jones and 23-year-old Jerwin Segura this morning when they were arraigned in Belize City. The duo was charged with the double murder of Felix Martinez and Adelita Gillett, which took place outside Crooked Tree Village on Monday night.

Police Commissioner Chester Williams says there is no indication that robbery was the motive.

Police believe the murder is linked to a failed car deal. The couple reportedly met someone to collect money when Gillett, counting it in the back seat, was ambushed.

The victims were found dead inside their Chevy Equinox SUV.

The accused are scheduled to return to court on March twentieth.

84-Year-Old Man Killed After Collision with Bus

An 84-year-old man lost his life this morning after being struck by a bus on the Thomas Vincent Highway in southern Belize. Cecilio Caal, a resident of San Roman Village, was reportedly riding his bicycle when he was hit by a 2007 Toyota Costa Bus that was driven by 65-year-old Domingo Torres.

Initial police investigations reveal that Caal was flung off the bike some thirty feet away from the site. The accident occurred between miles 27 and 28 of the highway. Reports indicate that Caal was travelling in the opposite direction but veered into the bus’s lane.

Police found his bike crushed under the rear of the bus, while the vehicle itself sustained damage.

Declining Pass Rates in Caribbean Students Raise Alarms

A troubling trend emerged last year when nearly 200,000 students across the Caribbean sat for the Caribbean Secondary Education Certificate exams, with only 4.9% passing five or more subjects, including crucial subjects like Mathematics and English. According to Lilia Burunciuc, World Bank Director for the Caribbean, the low pass rate in Mathematics—just 36%—is raising alarms among parents and educators.

“The cumulative effects of years of poor educational outcomes are deeply concerning, especially given the well-established links between education and negative societal impacts such as crime,” said Paula-Anne Moore, spokesperson for the Group of Concerned Parents in Barbados.

Burunciuc points to a deeper issue: a systemic crisis in foundational learning. Many students leave primary school without mastering essential skills like literacy and numeracy, which severely hampers their ability to succeed in secondary school and beyond. This gap not only affects individual students but also underminwrutees economic growth by creating a less skilled workforce.

Burunciuc added that inequality in access to quality education further exacerbates the problem. In places like Guyana, overcrowded schools and a lack of resources limit students’ learning experiences, while in Belize, technical training programs makes a prime example that reflects this problem as well. Reuel Black, manager of the ITVET in the Belize District, said that Belizean students often lack the necessary foundation in mathematics and physics to grasp complex subjects like solar energy systems.

Black also pointed out the challenge of keeping students focused: “Some students stay on their telephones, and you have to actually tell them to pay attention.”

According to Burunciuc, the World Bank is working closely with Caribbean nations to address these challenges. Through initiatives like the Jamaica Education Project and the expansion of technical training in Guyana, the Bank is helping to improve teaching, upgrade facilities, and expand access to quality education across the region.