Deforestation and landscape degradation are a significant problem in Panama. Between 1950 and 2000, the country has lost more than 30% of its forest cover (FAO, 2010). While deforestation has slowed since 2000, the degradation of forests continues due to unsustainable land use practices (Wright & Samaniego, 2008). The integration of trees into agricultural landscapes with the goal of increasing agricultural productivity while restoring forest area and providing additional ecosystem benefits therefore shows promising potential to slow the degradation of forests in Panama, particularly on the Azuero Peninsula where ELTI has been promoting sustainable lands systems to combat deforestation and provide alternative sources of farmers’ income (Slusser & Santamaria, 2020). While research in Colombia has shown that silvopasture (SP) can increase beef and milk production compared to regional averages, and can therefore be a viable alternative to extensive cattle ranching (Calle et al., 2013), several barriers to adoption exist in Panama: little government incentives, lack of knowledge and high initial investment costs (Slusser, Calle & Garen, 2014). I request funding from the Tropical Resources Institute to conduct a comparative financial analysis of silvopastoral systems with conventional cattle ranching on the Azuero Peninsula in Panama. My research will address the following questions: Can SP be an economically viable alternative to conventional cattle ranching? What additional value arises from ecosystem services in silvopastoral systems?