Panama City (Ciudad de Panamá) sits at the Pacific entrance of the Panama Canal—3 km from the Bridge of the Americas (Pacific-side bridge) and the canal's southern terminus at the Gulf of Panama.
Founded 1519 (Panamá Viejo, sacked by Henry Morgan 1671). Rebuilt 1673 (Casco Viejo / Casco Antiguo) on a defensible peninsula. The canal's Pacific locks (Miraflores, Pedro Miguel) lift ships 16.5 m to Miraflores Lake, then Gaillard Cut to Gatun Lake. Panama City grew around this commerce.
Population: 1.9M metro. Latin America's banking hub (100+ banks). Tocumen Airport (PTY) — regional hub. Skyline: 50+ towers >150 m (Trump Ocean Club, Vitri, PH, etc.). Casco Viejo: UNESCO World Heritage (1997), gentrifying rapidly.
Colón — Caribbean (Atlantic) entrance city. Smaller (240K), higher poverty, free zone (world's 2nd largest). The canal has two "ends"—Panama City (Pacific) and Colón (Atlantic).