Fuerza Aérea Panameña (FAP) - Established January 17, 1969.
"The FAP had no combat aircraft but about 30 transport and communication aircraft and helicopters and used two bases in Ciudad de Panamá. At the time of the United States invasion in 1989 the FAP consisted of 4 flying units with about 60 aircraft and helicopters. The Panamanian Air Force lost 37 aircraft during "Operation Just Cause" and some of the survivors were transferred to civilian use. After the invasion another air force was formed as part of theFuerza Publicas Panameña (Panamanian Public Forces), as Servicio Aérea Nacional (National Air Service) with 16 fixed- and rotary-winged aircraft organised in three operational squadrons and one presidential flight."
While I understand that FAP has more generally been associated with Peru, isn't it possible that, even in 1964, some watches may have gone to Panama?
Although at that time the "Air Force" was only a flight detachment of the National Guard.
Pity there's no caseback pics.