Old Panamá (Panamá Viejo) Festival

Old Panama (Panama Viejo) ruins are located on the east side of Panama City.
History of Old Panama, source wikipedia: 

Capt Morgan & the destruction of Old Panama City

On 18 January 1671, Morgan discovered that

Panama had roughly 1,500 infantry and cavalry. He split his forces in two, using one to march through the forest and flank the enemy. The Spaniards were untrained and rushed Morgan's line where he cut them down with gunfire, only to have his flankers emerge and finish off the rest of the Spanish soldiers. Although Panama was at the time the richest city in New Spain, Morgan and his men obtained far less plunder than they had expected. Much of the city's wealth had been removed onto a Spanish ship that then stood out into the Gulf of Panama, beyond the looters' reach. Most of the inhabitants' remaining goods were destroyed in a fire of unclear cause. Morgan's men tortured those residents of Panama they could catch, but very little gold was forthcoming from the victims. After Morgan's attack, the Panama city had to be rebuilt in a new site a few kilometers to the west (the current site). The former site is called Panamá Viejo and still contains the remaining parts of the old Panama City.

Source Panama America News:

Old Panama (Panama Viejo) is preparing for their festivities

13 | 08 | 2012

Carlos M. Patterson (carlos.patterson @ epasa.com) / PANAMA AMERICA

Activities were launched yesterday to commemorate the 493 anniversary of the founding of Old Panama.

The program of events began with a parade involving municipal authorities of Panama and student delegations, with traditional dances, empolleradas, indigenous representatives across the country and other civic attractions.

The various activities will continue until August 15th, when Pedro Arias Davila founded the old city of Panama in 1519.

 

Panamá Viejo Museum