Mid-April to early December is the best time for travelers on a budget. The rainy season is the calmest and cheapest time to visit Panama, but you'll get wet. January and the first week of February are my favorite times to be in Panama. The trees and pastures are still green, the warm winds have not started and there are not as many tourists and tourists as in the rest of February.
Panamanians call summer from January to March (now April). It is usually windy and hot without the rains lowering the temperature. The best time to visit Panama is during the dry season, which lasts from late December to April. From May until almost the end of the year, there can be rains almost daily and the humidity is higher. To maximize your Panama experience, book your stay any time of the year, except during November.
This is the best time to go to Panama and see sights such as Casco Viejo (“Old City”) and the Miraflores Visitor Center on the Panama Canal. As for the weather (according to WeatherSpark), it seems that February is the driest, sunniest and best time to go. The best time to go to Panama is in the dry season from December to April, although drought is a relative concept, especially in the drenched but hot Caribbean coast. If you like photography, like me, the moments you should avoid are from mid-February to April, with the exception of photos of people and events during Carnival.