The cache is placed near a staircase that s heavily used by the locals as a pedestrian route to town. Since you've made it all the way to Boquete, it would be terrible for there to be no smilie at the end of the tour. Therefore, here are detailed instructions to finding the cache (with pictures attached for clarification):
From the town square, make your way across the Rio Caldera bridge. Bear right on the sidewalk that parallels Ave Buenos Aires for about an eight of a mile. After a short run of stairs there will be a landing with a rail that overlooks a small stream on your right. Across the road on your left, you will see a set of stairs going up the hill. These are no ordinary steps. It's a combination of steps and steep hillside. After about 126 steps from the road (they vary in height and length) you will see a huge round rock on your right. Use the rock as a platform to reach the cache. The cache is hidden high on the bank under a tangle of roots directly above the rock.
IF IT IS POURING RAIN THE REACH TO THE CACHE MIGHT BE DANGEROUS SO THERE IS NOW ANOTHER OPTION FOR LOGGING THIS CACHE: TAKE A PICTURE OF THE ROCK AND POST IT WITH YOUR "FOUND IT" LOG. EITHER WILL BE CONSIDERED SUITABLE FOR A SMILIE.
If you want to continue to the top (only another 63 steps) there are some beautiful vistas overlooking Boquete and the volcano on the other side of the valley. Once at the top, the road runs in a loop back to town.
CONGRATULATIONS TO WOLF64 FOR FTF. WELL DONE!