When I flew into Panama City, I stayed in an area that used to flourish with casinos and still has a few. I was told by a friend there would be prostitutes along the sidewalks at night and most were from Columbia and Venezuela, trying to escape poverty. A certain percentage of the hookers were transvestites.
I got approached outside an Italian restaurant and I just said “Lo ciento, no tengo dinero” (”I’m sorry, I have no money”) and continued walking.
This same line also gets you past beggars.
“No tengo dinero!”.....works every time!.................