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The Collaborative International Dictionary
Carludovica palmata

Panama hat \Pan`a*ma" hat`\ A fine plaited hat, made in Central America of the young leaves of a plant ( Carludovica palmata).

Wikipedia
Carludovica palmata

The Panama hat plant or toquilla palm (Carludovica palmata) is a palm-like monocot plant. It is not a true palm. Its leaves are different from the leaves of true palms, and unlike true palms it does not develop a woody trunk. Its female flowers (which mature first) have large stigmas, and its male flowers (which mature later) have a lot of pollen. They reproduce vegetatively, because they do not produce viable seeds.

The Panama hat palm is cultivated from Central America to Bolivia. Its soft, flexible, and durable fibers are used to weave Panama hats and other items.