Yes, you can. However, one visit has to be made for the actual application of the visa and then no more than 1 year after actual approval to be served of the approval.
A multiple-entry permit must be requested when leaving the country after filing. However, you have to budget a $25 monthly fine if you do not return to Panama after the 3-month multiple-entry permit expires to have it renewed.
Backlog of applications has reached new records with the new Administration, with delays going into 14 months from the time of filing.