Montecristi is the home of the Panama hat. Funny.
They work well in the tropics being lightweight, light color, and breathable. The good ones can keep out rain as well as sun and can be folded to carry in luggage.
The best ($1,000+) can be wound so tight you can pull them through a wedding ring and put it right back on your head and they will look like new.
Regarding the name, executives working on the Panama Canal wore them and Teddy Roosevelt made them famous when he was down there.