Wonder what the Netherlands have to say about India using the prefix PH?
For a small fee, I offer Rajiv Rudy the following. VT could conceivably be called a "colonial" registration, since VO used to be the registration of Newfoundland before Canada joined that colony, VR-B is used by Bermuda, VR-C the Cayman Islands and VR-F the Falkland Islands. All the above were British colonies.
As far as VT standing for "Viceroy's Territory", it sounds like Mr. Rudy graduated from the same school that allows the Canadian registration CF stands for "Canadian Flyer".