Yes, I realize that–I was just kidding. In addition to regional differences, social-economic strata within a region may have varying differences in usage, too, just as anywhere else.
One of the most common racially pejorative terms in Panama is directed against whites, or at least a class of white. Rabiblanco (“white-tail,” “white-butt”) indicates the wealthy ruling class here, who tend to have more European ancestry than the rabble. It’s also the name for a common pigeon that walks around with its chest puffed out; the rabiblancos are notable for their arrogance. I don’t know how current this term is outside Panama.
“Cholo” is another word where context matters in whether it is derogatory or not. It indicates people with Indian features, like dark brown skin and straight black hair (but are mestizo, not pure indigenous). It can be used descriptively; I have seen police reports in which the suspect was described as having “cholo hair.” I’ve also known people nicknamed “Cholo,” and a baseball team from an area where the people have a lot of indigenous ancestry is known as “Los Cholos.” However, it can also be used derogatorily, especially since cholos typically live in very rural areas and are the equivalent of hillbillies.