This holiday celebrates the events of 1903, when the citizens of Colon averted a march on Panama City by the Colombian army.
Following the declaration of independence, the Colombians had ordered their army to march on Panama.
On 5 November 1903, the locals in Colons managed to convince the Colombian forces stationed in Colon not to advance on Panama City.
Without this action, it is possible that the Colombians may have gained a military advantage and quelled the independence movement.