This question is asked quite often. It depends in part what day, and whether you will have your boarding pass already.
Allow 1 or 1.5 hours to get out, 1.5 to 2.5 hours return trip, - so if you want to be back 2 hours before your flight, you might get an hour at the canal.
I will be there from 2:30 pm to 9 pm.
I found Panama City airport to be a nightmare. Immigration and customs, check in and security... took FOREVER. Leave yourself AMPLE time.
I have generally found Tocumen better than, say, Miami (which I fly though regularly) - and they have free wifi !
But it can vary.
Jashanjot - you would be lucky to get to the canal by 4 - more like 4.30. The Miraflores Visitors Center closes at 4.30 - though you could go on to the Pedro Miguel locks which has a public viewing area. Is that a weekday ? So you would be returning to the airport in peak traffic. It could easily take two hours back from canal to airport.
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