Philippines is 4 times larger than Panama.
Area: 75,420 km2 World Factbook
Population: 3,608,431 (July 2014) World Factbook
Panama, officially the Republic of Panama, is the southernmost country of Central America and the whole of North America. Wikipedia
Area: 300,000 km2 World Factbook
Population: 107,668,231 (July 2014) World Factbook
The Philippines, officially known as the Republic of the Philippines, is a sovereign island country in Southeast Asia situated in the western Pacific Ocean. It consists of 7,107 islands that are categorized broadly under three main geographical divisions: Luzon, Visayas, and Mindanao. Wikipedia