Panama is a great place to surf. I recommend the Caribean side at this time of the year. Bocas del Toro is the name of the Village. A short flight from Panama City using the carrier Aeroperlas will take you there. Stay at Bahia hotel by the sea. You have lot's of options of surfing. One of the best beach breaks of the world is there (Playa Bluff) and you have also plenty of reef breaks (Carrenero and Dumpers are the best). If you like big waves and are lucky enough to catch a big swell, you will surf Silver Back (a backdoor kind of wave in the midle of the ocen). The transport there is done by 4wd taxi and small boats, as some waves are only accessible by the sea. Take your snorkel equipment, as this place is one of the most beautiful and clean parts of the ocean in the world.
That place is for real. i spent a week out of my month and a half trip in the area. The one week i spent in Bocas was the highlight of my trip. Friendlier people, cheaper everything, lonley waves. highly recommend panama!
Panama is totally worth it. As said before bocas is the call during the winter but the pacific cranks all summer. I have only been there once but saw santa catalina break everywhere from shoulder high to almost double OH. Its a pretty makeable wave and its actually safer with a little more size since it breaks a little deeper. You never see shots of it but there is also a left there (not as good, but thats a relative term) which can relieve some crowd pressure. Playa Venado (or Venao) was really fun as well with nobody else in sight. That was surprising since access was so easy. We got lost in Panama City and were escorted out of town with some policia guy with a machine gun. he just kept pointing his gun in the direction we were supposed to turn! classic.