While I cannot speak to the quality of the schools in all of Panama, I can speak to the quality of schools where I live, in Coronado, Panama. There are excellent schools within a 30-minute radius in the district of Coronado.
The newest addition is the Coronado International School, which is just off the InterAmerican Highway and closest to the Playa Coronado community. It was established by Group Coronado to provide the best curriculum in English for incoming families from US, Canada, Latin and European countries. Certainly it has become a major feature of Coronado to meet the new demands of many families settling here.
The Panama Coast International School (established in 2008 by an American-certified teacher) is located in a residential community nearby Coronado called Gorgona. This school has a very fine reputation as an American School, with its schedule and curriculum aligned with the system in the United States and fully accredited, so that students from Panama Coast International School can go on to universities in the United States. The house that accommodates the school creates an educational ambiance that tends to all levels, from elementary through grade 12, with a fully accredited staff.
Five Stars Academy is located in the town of San Carlos, on the northwest end of the district of Coronado, Panama, and is attended mostly by students from this area, which is growing, as is all of the Coronado area, by leaps and bounds.