It is the current local time right now in Panamá, San Miguelito, Tocumen, David, Arraiján and in all Panama’s cities. 
Panama’s time zone: EST or UTC-05:00

No daylight saving time (DST) in Panama.

Costa Rica, Colombia

Full name: Republic of Panama
Continent: North America
Region: Central America
Population: 3,410,676
Area: 78,200 km²
Capital: Panama City
Currency: Balboa (PAB)
Phone code: 507
Domain: .pa
Wikipedia article: Panama