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Horses are a way of life in Panama. It is not unusual to look out the window of your casita, and have a horse looking back. Horseback riding in Panama is mostly Western horses and Western saddles. Privately owned horses can vary from Quarter Horse to a mix of Columbian or Peruvian Paso. By breeding the two, you get a larger horse, than the traditional Paso Fino, with the smooth and lovely gait of the Paso.
Most horseback riding tours are located in Caldera, 20 min drive back down toward David from Boquete. It is best for beginners up to experienced riders, and offers a nice trail ride with beautiful views of Volcan Baru. This tour is normally $35, but can usually be combined with the Caldera Hot Springs for a $55 half-day activity.
A beautiful huge wall with volcanic tubes. Great for some pictures and to actually understand that you are on top of a volcano.
Weekly "drumming circles" are held at the Stone Cabins. Its mostly expats, but visitors are welcome. They have extra percussion instruments there, if you didn't think to bring your drums with you.
Even though the volcano has been dormant for over 600 years, there are still thermal springs bubbling up around it. These hot and bubbly mineral water are right next to the Caldera River. Take a dip in both hot and cold. From the bus stop in Caldera it's about 1 hr walk to the hot springs. After crossing the bridge the signage is clear. Tourists that book a tour with a tour operator in town are taken to the hot springs with some daily departures for fun evenings soaking in hot water and sharing stories over the sunset. If you take a taxi or tour, make sure to tell them to take you to the hot springs left, not the commercial ones another 3 km to the right, which apparently charges $5. However, check out the ratings online, for the one that suits you better.
A nice and not too long hike of 20-30 min for a good view of the town.
Try this uncommercial trail if you fed up with paying for even a little trail. However, you should bring a proper map and GPS not to get lost.
Hike the Quetzal Trail, so named because it is one of the homes of the rare resplendent quetzal. You can hike from Boquete to Cerro Punta (4 hr one-way gradual elevation gain), or the reverse. Most hikers will hike from Boquete to the "Mirador Las Rocas" and then return to avoid the more than 3-hr return by bus from Cerro Punta back down through David, and then back to Boquete. It is about a 4-5 hr one way hike (8 hr out and back), so it can be completed in one day. Nevertheless, it is best to go from David to Cerro Punta, and from there hike to Boquete. Otherwise from Boquete to Cerro Punta you climb from 1,800 m to 2,500 m and back to 2,100 m (the range hut at the end). Also, walking from Cerro Punta, you might be even luckier, arriving late on the Boquete side when no guard is there anymore. The trail is perhaps the most famous hiking trail in all of Panama. Visitors come from all over the world to have an opportunity to see the Resplendent Quetzal. Although the trail is easy enough to hike by yourself, unless you are an experienced birder, it is difficult to spot a Quetzal, and a guide is almost necessary in helping to locate a nest. But between December and May you might be out of luck either way.