My understanding is the later. Economics and airline route costs just dont support two big-plane airports in such a tiny country. And realistically this is more long term planning than a project ready to be materialized.

It is remarkable that somebody in Belmopan finally realizes how important this island is to the economic health of the country.

Please also note the ramping up of these projects and announcements just before the announcement of general elections. If you are a voter, probably plan to stick around until Christmas.