New York is 0-1 hours ahead of Panama City depending on DST. During US standard time (November-March), both cities are UTC-5. During US DST (March-November), New York is 1 hour ahead. Panama doesn't observe DST.
Panama City is a major business hub connecting North and South America.
Business hours overlap almost completely! The minimal time difference makes US-Panama coordination very easy. Copa Airlines hub makes Panama a regional connector.
Panama City and New York are connected by frequent 5.5-hour flights. Copa Airlines operates multiple daily services.