| 1 | Gobierno Nacional Republica De Panama | Panama | Panama | Palacio de Las Garzas, | Panama | N/A | N/A | 1903 | $12,312,631,584 | 250,272 | N/A | N/A | N/A |
| 2 | Autoridad Del Canal De Panama | Panama | Panama | Edificio de la Administracion No. 101 | Panama | N/A | N/A | 1999 | $4,968,034,000 | 8,560 | N/A | N/A | 8NT122299 |
| 3 | Inretail Peru CORP. | Panama | Panama | C/o Arias, Aleman & Mora | Panama | N/A | N/A | 2011 | $4,447,284,548 | 4 | N/A | N/A | 1905852723570 |
| 4 | Ministerio De Educacion | Panama | Panama | Villa Cardenas Ancon | Panama | N/A | N/A | 1941 | $3,164,380,500 | 50,500 | N/A | N/A | N/A |
| 5 | Bac International Bank, INC. | Panama | Panama | Torre Bac, Avenida Balboa, Esquina Calle 42 Y 43 | Panama | N/A | N/A | 1995 | $2,633,228,606 | 2,446 | N/A | N/A | 47101002306017 |
| 6 | Bac Holding International CORPORATION | Panama | Panama | Calle Aquilino de la Guardia, Edificio Bac Credomatic, | Panama | N/A | N/A | 1972 | $2,090,429,053 | 20,016 | N/A | N/A | N/A |
| 7 | Petroleos Delta S.A. | Panama | Panama | Av. Miguel Brostella Ph Camino de Cruces Piso 7 | Panama | N/A | N/A | 1983 | $1,716,560,408 | 200 | N/A | N/A | 115242115657 |
| 8 | Willbros Global Holding INC | Panama | Panama | C/o: Arias, Fabrega & Fabrega | Panama | N/A | N/A | 1991 | $1,313,070,000 | 185 | N/A | N/A | 3417616254895 |
| 9 | Banco General S.A. | Panama | Panama | Av. Aquilino de la Guardia | Panama | N/A | N/A | 1955 | $1,293,470,938 | 4,983 | N/A | N/A | 280134610982 |
| 10 | Caja De Seguro Social De La Republica De Panama | Panama | Panama | Edificio 519, Calyton, | Panama | N/A | N/A | 1941 | $1,253,220,000 | 20,000 | N/A | N/A | 8NT-0002-004249 |
| 11 | Empresa General De Inversiones S.A. | Panama | Panama | Edificio Torre Banco General Calle Aquilino de la Guardia | Panama | N/A | N/A | 1973 | $979,241,779 | 4,881 | N/A | N/A | 956324108233 |
| 12 | Alimentos Nico, S.A | Panama | Panama | Distrito de Bugaba, Siogui, | Panama | N/A | N/A | 2013 | $948,982,000 | 10 | N/A | N/A | 2505529-1-819638 |
| 13 | Ministerio De Salud | Panama | Panama | Antiguo Hospital Gorgas, Calle Culebra, Ancón | Panama | N/A | N/A | 1969 | $939,915,000 | 15,000 | N/A | N/A | 8NT113653 |
| 14 | Horizon Shipping (panama) INC. | Panama | Panama | C/o Arosemena Noriega & Contreras | Panama | N/A | N/A | 2015 | $935,829,000 | 17 | N/A | N/A | 15562011122015 |
| 15 | Grupo Financiero Bg S.A. | Panama | Panama | Torre Banco General Av. Aquilino de la Guardia Y Av. 5ta. B | Panama | N/A | N/A | 2007 | $915,405,092 | 4,510 | N/A | N/A | 10670871551132 |
| 16 | Grupo Financiero Ficohsa, S.A. | Panama | Panama | Costa del Este Edificio Capital Plaza, Piso 9 Oficina 903 | Panama | N/A | N/A | 2006 | $899,913,854 | 150 | N/A | N/A | 9151511724518 |
| 17 | Empresa De Distribucion Electrica Metro-Oeste S.A. | Panama | Panama | Albrook Av. Diogenes de la Rosa Edificio 812 | Panama | N/A | N/A | 2009 | $872,479,782 | 396 | N/A | N/A | 579832340436 |
| 18 | Bancolombia (panama), S.A. | Panama | Panama | Cl. 47 Y Aquilino de la Guardia, | Panama | N/A | N/A | 1972 | $866,153,607 | 6,535 | N/A | N/A | 928149105971 |
| 19 | Supermercados Xtra S.A. | Panama | Panama | Calle 7ma, Ciudad Radial, Juan Díaz | Panama | N/A | N/A | 1958 | $857,433,877 | 5,240 | N/A | N/A | 3561977860 |
| 20 | Elektra Noreste S.A. | Panama | Panama | Santa Maria Business District, Ph Ensa | Panama | N/A | N/A | 1998 | $813,785,957 | 480 | N/A | N/A | 5798356340439 |
| 21 | Wartsila Panama Services SA | Panama | Panama | Panama Pacifico Flex 2 Local 3 | Panama | N/A | N/A | 1964 | $813,315,000 | 17,700 | N/A | N/A | 74521 |
| 22 | Importadora Ricamar S.A. | Panama | Panama | Calle 16 Monte Oscuro | Panama | N/A | N/A | 1986 | $807,048,755 | 4,793 | N/A | N/A | 4341593796 |
| 23 | Banco Nacional De Panama | Panama | Panama | Vía España Y Calle 55 Bella Vista, Torre Banconal | Panama | N/A | N/A | 1904 | $806,889,214 | 3,150 | N/A | N/A | 8NT112541 |
| 24 | Copa Holdings S.A | Panama | Panama | C/o Galindo, Arias Y Lopez | Panama | N/A | N/A | 1998 | $801,003,000 | 7,527 | N/A | N/A | 5967223344962 |
| 25 | Sigmaq Packaging, S.A. | Panama | Ciudad de Panama | C/o Icaza, Gonzalez - Ruiz & Aleman | Panama | N/A | N/A | 2008 | $779,275,000 | 5,000 | N/A | N/A | 605661 |
| 26 | Telecomunicaciones Digitales, S.A. | Panama | Panama | Edificio Gmt (mapfre), Piso 4, Avenida la Rotonda | Panama | N/A | N/A | 2018 | $731,055,066 | 1,973 | N/A | N/A | 303942238626 |
| 27 | Inmobiliaria Don Antonio, S.A. | Panama | Panama | Av. Nicanor de Obarrio Y Calle Ramon Real M | Panama | 07099 | N/A | 1966 | $689,614,865 | 5,009 | N/A | N/A | 3081522240563 |
| 28 | Banco Latinoamericano De Comercio Exterior S.A. | Panama | Panama | Torre V, Business Park, Av. la Rotonda | Panama | N/A | N/A | 1978 | $679,260,000 | 184 | N/A | N/A | 1050221666 |
| 29 | Archirodon Construction (overseas) Company SA | Panama | Panama | C/o Franco & Franco | Panama | N/A | N/A | 1971 | $660,057,000 | 4 | N/A | N/A | 815330144259 |
| 30 | Rey Holdings CORP. | Panama | Panama | C/o: Icaza, Gonzalez-ruiz & Aleman | Panama | N/A | N/A | 2019 | $650,918,990 | 5,876 | N/A | N/A | 1524131386208 |
| 31 | Banistmo, S.A. | Panama | Panama | Torre Banistmo, Soho Mall, Calle 50 | Panama | N/A | N/A | 1984 | $648,250,467 | 2,260 | N/A | N/A | 633197145674470 |
| 32 | Cable & Wireless Panama S.A. | Panama | Panama | Via Espana, Ed. Condominio Plaza Internacional | Panama | N/A | N/A | 1995 | $624,000,000 | 3,000 | N/A | N/A | 46004187302083 |
| 33 | Global Bank CORPORATION | Panama | Panama | Santa Maria Business Distric, Torre Global Bank | Panama | N/A | N/A | 1993 | $520,677,942 | 1,535 | N/A | N/A | 4097925281810 |
| 34 | Compania Goly S.A. | Panama | Panama | Avenida Peru, Calle 29 Y 30, Edificio Juan Ramon Poll | Panama | N/A | N/A | 2019 | $501,806,095 | 3,357 | N/A | N/A | 652212129962 |
| 35 | Compania Panamena De Aviacion, S.A. (copa Airlines) | Panama | Panama | Av. Principal Y Av. de la Rotonda | Panama | N/A | N/A | 1944 | $478,312,000 | 4,000 | N/A | N/A | 13037734706 |
| 36 | Grupo Melo S.A. | Panama | Panama | Via Espana 2313 Corregimiento de Rio Abajo | Panama | N/A | N/A | 1948 | $470,867,069 | 5,338 | N/A | N/A | 102052421223 |
| 37 | Empresas Melo S.A. | Panama | Panama | Via Espana No. 2313 Corregimiento de Rio Abajo | Panama | N/A | N/A | 1969 | $462,709,940 | 5,820 | N/A | N/A | 650529126088 |
| 38 | Fresenius Medical Care Panama, S.A | Panama | Ciudad de Panama | Parque Lefevre, Calle Ave. Boulevard Costa del Este | Panama | 0801 | N/A | 2017 | $426,680,000 | 10,000 | N/A | N/A | 15565256922017DV |
| 39 | Agro Refining CORP. | Panama | Panama | Av. Alquilino de la Guardia Y Calle 47 Ocean Business Plaza | Panama | N/A | N/A | 2018 | $417,762,800 | 2,300 | N/A | N/A | 15566131622018 |
| 40 | Gas Natural Atlantico S. De R.L. | Panama | Panama | Costa del Este, Avenida la Rotonda | Panama | N/A | N/A | 2015 | $406,445,000 | 10 | N/A | N/A | 15559896422015 |
| 41 | Ricardo Perez, S.A. | Panama | Panama | Blvd. Costa del Este, Frente A la Academia Int de Panama | Panama | N/A | N/A | 1956 | $393,163,787 | 855 | N/A | N/A | 30541468335 |
| 42 | Gulfstream Petroleum Dominicana S. De R.L. | Panama | Panama | Calle 50 Y Aquilino de la Guardia Plaza Banco General | Panama | N/A | N/A | 2013 | $387,750,088 | 196 | N/A | N/A | 237009412232 |
| 43 | Boskalis Panama SA | Panama | Panama | C.c. Ciudad Siglo Xxi | Panama | N/A | N/A | 1991 | $371,886,400 | 8,200 | N/A | N/A | 322542246916 |
| 44 | Winery International S.A. | Panama | Colón | Avenida 5 Y Calle 6 | Colon | N/A | N/A | 2005 | $352,658,798 | 60 | N/A | N/A | 730697147527775 |
| 45 | Aes Panama, S.R.L. | Panama | Panama | Business Park Ii, Torre V, Piso 11, Ave. la Rotonda | Panama | N/A | N/A | 1998 | $326,717,000 | 175 | N/A | N/A | 26909362584 |
| 46 | Aeropuerto Internacional De Tocumen S.A. | Panama | Panama | Avenida Domingo Diaz | Panama | N/A | N/A | 2003 | $295,742,734 | 1,078 | N/A | N/A | 4561041432290 |
| 47 | Municipio De Panama | Panama | Panama | Ave. Justo Arosemena Y Cuba Y Entre Calles 35 Y 36 Este | Panama | N/A | N/A | 1519 | $295,182,000 | 6,000 | N/A | N/A | 8NT112701 DV89 |
| 48 | Grupo De Comunicaciones Digitales S.A. | Panama | Panama | Av. la Rotonda Business Park Edificio Este | Panama | N/A | N/A | 2019 | $290,871,154 | 2,557 | N/A | N/A | 4702819305805 |
| 49 | Latin American Kraft Investments INC. | Panama | Panama | C/o: Icaza Gonzalez - Ruiz & Aleman (igra) | Panama | N/A | N/A | 1982 | $286,556,100 | 2,468 | N/A | N/A | 8449288519 |
| 50 | Primaux Supply & Services, S.a.c.a. | Panama | Panama | Calle 43, Edif. Ph de Colores, Local 12 | Panama | N/A | N/A | 2015 | $285,044,400 | 7 | N/A | N/A | 1556065262 |
| 51 | Multibank INC. | Panama | Panama | Via Espana Edificio Prosperidad No.127 | Panama | N/A | N/A | 1987 | $284,980,908 | 500 | N/A | N/A | 2248045201122 |
| 52 | 3m Panama Pacifico S. De R.L. | Panama | Arraijan | Panamerica Corporate Center Norte Calle C Final Edif. 9116 | Panama | N/A | N/A | 2008 | $278,481,447 | 170 | N/A | N/A | 142269811095 |
| 53 | Grain Hill CORPORATION SA | Panama | Panama | C/o Aleman, Cordero, Galindo & Lee | Panama | N/A | N/A | 2004 | $271,784,398 | 17 | N/A | N/A | 6594871460986 |
| 54 | One Banana INC. | Panama | Panama | Boulevard Costa del Este Ph Financial Park Tower | Panama | N/A | N/A | 2013 | $245,430,838 | 135 | N/A | N/A | 24880241817239 |
| 55 | Caja De Ahorros | Panama | Panama | Via Espana Av. Thays de Pons | Panama | N/A | N/A | 1934 | $242,611,709 | 2,176 | N/A | N/A | 8NT11020077 |
| 56 | Productos Alimenticios Pascual S.A. | Panama | Panama | Av. Jose Agustin Arango | Panama | 0823-0583 | N/A | 1946 | $242,553,679 | 1,500 | N/A | N/A | 14756940208 |
| 57 | Empresa Panamena De Alimentos S.A. | Panama | Panama | Avenida Jose Agustin Arango | Panama | N/A | N/A | 2010 | $242,533,679 | 1,642 | N/A | N/A | 18957881721755 |
| 58 | Banco Aliado S.A. | Panama | Panama | Edificio Banco Aliado | Panama | N/A | N/A | 1992 | $240,481,314 | 160 | N/A | N/A | 35090124258812 |
| 59 | Argos Panama S.A. | Panama | Colón | Viene de Fusion Con Argos Panama Comercializadora | Colon | N/A | N/A | 2009 | $236,547,746 | 439 | N/A | N/A | 12510333907 |
| 60 | Assa Compania De Seguros SA | Panama | Panama | Av. Nicanor de Obarrio (calle 50), Entre Calles 56 Y 57 Este | Panama | N/A | N/A | 1980 | $235,424,343 | 427 | N/A | N/A | 372410353659 |
| 61 | Policia Nacional | Panama | Panama | Ancon | Panama | N/A | N/A | 1990 | $227,266,000 | 13,000 | N/A | N/A | N/A |
| 62 | Panama Ports Company, S.A. | Panama | Panama | Avenida Arnulfo Arias Madrid Edificio 1501 | Panama | N/A | N/A | 1996 | $225,740,000 | 5,000 | N/A | N/A | 509402319669 |
| 63 | Empresa De Distribucion Electrica Chiriqui S.A. | Panama | Panama | Albrokk Ave. Diogenes de la Rosa | Panama | N/A | N/A | 1998 | $224,715,661 | 362 | N/A | N/A | 57983110340442 |
| 64 | Cochez Y Compania S.A. | Panama | Panama | Calle Via Domingo Diaz, Frente A la Universidad Tecnologica | Panama | N/A | N/A | 2018 | $222,846,639 | 1,524 | N/A | N/A | 521136113133 |
| 65 | Geo F Novey, INC. | Panama | Panama | Ave. 7ma Central 2-79, Edif. Novey Calidonia | Panama | 081501212 | N/A | 1945 | $220,327,000 | 1,288 | N/A | N/A | 13828935920 |
| 66 | The Bank Of Nova Scotia | Panama | Panama | Ncalle Punta Darien Y Punta Coronado | Panama | N/A | N/A | N/A | $217,984,693 | 726 | N/A | N/A | 1031503116426 |
| 67 | Grupo Aliado S.A. | Panama | Panama | Calle 50 Y 56 Obarrio, Edificio Banco Aliado | Panama | N/A | N/A | 1992 | $211,754,119 | 500 | N/A | N/A | 3466149257067 |
| 68 | Contraloria General De La Republica De Panama | Panama | Panama | Avda Balboa Y Fdco Boyd | Panama | N/A | N/A | 1930 | $211,702,500 | 3,750 | N/A | N/A | N/A |
| 69 | Acesco International S.A. | Panama | Panama | C/o Aleman, Cordero, Galindo & Lee | Panama | N/A | N/A | 2018 | $211,073,291 | 4 | N/A | N/A | 155672809 |
| 70 | Promerica Financial CORPORATION S.A. | Panama | Panama | Calle 50 Y 53 Avenida, Nicanor de Obarrio Campo Alegre | Panama | N/A | N/A | 1997 | $205,437,581 | 47 | N/A | N/A | 5649394336307 |
| 71 | Mercantil Servicios Financieros Internacional, S.A. | Panama | Panama | Edificio Torre de Las Americas, Piso 14, Torre A | Panama | N/A | N/A | 2019 | $191,388,000 | 11 | N/A | N/A | 15567607322019 |
| 72 | Dell Panama S. De R. L. | Panama | Panama | Antigua Base de Howard | Panama | N/A | N/A | 2002 | $186,401,235 | 2,235 | N/A | N/A | 4215831294 |
| 73 | Enel Fortuna S.A. | Panama | Panama | Av. Felipe Motta | Panama | N/A | N/A | 2004 | $186,020,447 | 91 | N/A | N/A | 5798338340438 |
| 74 | Autoridad Aeronautica Civil | Panama | Panama | Albrook Edificio 805 | Panama | N/A | N/A | 1963 | $184,854,000 | 2,000 | N/A | N/A | N/A |
| 75 | Mapfre Panama SA | Panama | Chitré | Calle Berlamino Urriola, Detras del Banco Nacional de Panama | Herrera | N/A | N/A | 1967 | $179,906,194 | 55 | N/A | N/A | 59746103707 |
| 76 | Top Brands Internacional, S.A. | Panama | Panama | Punta Pacifica, Av. Colon, Pacific Village, Gran Plaza | Panama | N/A | N/A | 1997 | $172,928,055 | 115 | N/A | N/A | 563252335841 |
| 77 | Mercantil Banco S.A. | Panama | Panama | Calle 50 Con Calle 58 de Obarrio Torre Mercantil Piso 21 | Panama | N/A | N/A | 2022 | $172,466,097 | 452 | N/A | N/A | 78550217249 |
| 78 | Seguros Suramericana S.A. | Panama | Panama | Marbella,calle Aquilino de la Guradia, Entre Calle 47 Y 48 | Panama | N/A | N/A | 1972 | $164,783,408 | 394 | N/A | N/A | 89564104231 |
| 79 | Productos Toledano, S.A. | Panama | Panama | Av. Jose Agustin Arango Y Av. de Las Mercedez | Panama | N/A | N/A | 1972 | $163,879,875 | 2,411 | N/A | N/A | 89457103790 |
| 80 | Distribuidora Electrica Del Caribe S.A. | Panama | Panama | C/o Cinthya Camargo Saavedra | Panama | N/A | N/A | 1998 | $155,855,000 | 1,000 | N/A | N/A | 6168458349994 |
| 81 | Panamerican Coffee Trading Company, S.A. | Panama | Panama | C/o Alfaro, Ferrer & Ramirez | Panama | N/A | N/A | 1983 | $155,844,631 | 23 | N/A | N/A | 11023111111681 |
| 82 | Promocion Medica S.A. (promed S.A.) | Panama | Panama | Parque Industrial Costa del Este | Panama | N/A | N/A | 1968 | $154,913,135 | 546 | N/A | N/A | 644570114659 |
| 83 | Ministerio De La Presidencia De La Republica | Panama | Panama | Palacio de Las Garzas | Panama | N/A | N/A | 1958 | $152,961,600 | 3,300 | N/A | N/A | N/A |
| 84 | Empresa De Transmision Electrica S.A. | Panama | Panama | Edificio Sun Tower Mall Piso 3 | Panama | N/A | N/A | 1998 | $148,660,507 | 576 | N/A | N/A | 57983128340443 |
| 85 | Sistemat, S.A. | Panama | Panama | Zona Franca Panexport Galera No. 15a | Panama | N/A | N/A | 2006 | $142,859,600 | 1,300 | N/A | N/A | 10176561539730 |
| 86 | Grupo Kayve S.A. | Panama | Panama | Santa Maria Business District Ph Arifa | Panama | N/A | N/A | 2010 | $139,593,635 | 26 | N/A | N/A | 17535321696837 |
| 87 | Empresa Nacional De Autopista S.A. | Panama | Panama | Via Israel, Edificio Ena | Panama | N/A | N/A | 2011 | $136,454,164 | 48 | N/A | N/A | 1903738-1-723197 |
| 88 | Manzanillo International Terminal Panama, S.A. | Panama | Panama | Ave. Molten, Coco Solo sur | Panama | N/A | N/A | 1994 | $135,625,500 | 1,500 | N/A | N/A | 421695228685664 |
| 89 | Gsl LIMITED SA | Panama | Panama | C/o Arias Fabrega Y Fabrega | Panama | N/A | N/A | 2012 | $133,906,657 | 4 | N/A | N/A | N/A |
| 90 | Union Nacional De Empresas S.A. | Panama | Panama | Via Espana Y Calle 50 la Cresta Bella Vista | Panama | N/A | N/A | 1974 | $133,031,845 | 1,316 | N/A | N/A | 14392528705 |
| 91 | Banesco (panama) S.A. | Panama | Panama | Avenida Aquilino de la Guardia Y Calle 47 | Panama | N/A | N/A | 2013 | $131,475,470 | 1,321 | N/A | N/A | 3663366264068 |
| 92 | Worldwide Medical Assurance LTD. CORP. | Panama | Panama | Calle 50 Torre Global Bank, Piso 27, Suite 2704 | Panama | N/A | N/A | 1999 | $130,859,792 | 80 | N/A | N/A | 9103641516959 |
| 93 | ST. Georges Bank & Company INC. | Panama | Panama | Calle 50 Y 53 Av. Nicanor de Obarrio, Campo Alegre | Panama | N/A | N/A | 2001 | $128,077,613 | 628 | N/A | N/A | 2767451406809 |
| 94 | Hospital Santo Tomas | Panama | Panama | Calle 34 Y Ave Balboa | Panama | N/A | N/A | 1924 | $124,508,800 | 3,200 | N/A | N/A | N/A |
| 95 | Tws Trading Zona Libre, S.A | Panama | Colón | Calle Ave 3, Edif 2b France Field Zona Libre | Colon | N/A | N/A | 2008 | $123,252,970 | 200 | N/A | N/A | 1297287160456450 |
| 96 | Frozen Foods International INC. | Panama | Panama | C/o: Anzola Robles & Asociados | Panama | N/A | N/A | 2011 | $122,190,812 | 3 | N/A | N/A | 20967541756091 |
| 97 | Mays Zona Libre S.A. | Panama | Colón | Calle 14 Y Av. Roosevelt | Colon | N/A | N/A | 1976 | $122,095,282 | 425 | N/A | N/A | 2803797165 |
| 98 | Instituto De Acueductos Y Alcantarillados Nacionales Idaan | Panama | Panama | Via Brasil Calle Juan Rivera Reyes Edificio Idaan | Panama | N/A | N/A | 1961 | $121,318,600 | 2,600 | N/A | N/A | N/A |
| 99 | Distribuidora Comercial Group, S De R.L | Panama | Panama | Via Espana Agencias Las Sabanas 1 | Panama | N/A | N/A | 1956 | $108,867,600 | 1,200 | N/A | N/A | 3117766961 |
| 100 | Drogueria Ramon Gonzalez Revilla S.A. | Panama | Panama | Calle 45 Este Y Avenida Venezuela | Panama | N/A | N/A | 1905 | $108,520,500 | 150 | N/A | N/A | 66778118405 |