Panama City has the highest paying jobs in the country and English teaching, especially Business, is always in demand. With a cost of living relatively low, $800/month, the average job pays quite well at $1000/month. The culture lends itself to the laid-back island lifestyle, and this attracts many young teachers who are traveling abroad. Just remember, punctuality is something that is taken seriously when teaching English in Panama City.
Eric can answer all your questions about teaching in his extensive blog, which is a great place to begin researching your adventure.
