Yep. It's a tough call. Looked to me like his instinct was to shield the ball with his body, and while the handball itself was unintentional, it was the result of a pretty risky maneuver. The "fall" was him twisting his body to get to the ball.
You don't want to see a team go down to 10 men with a very harsh red, do incredibly well, and then have a win stolen from them with a penalty. You also don't want to see a team go through two phases of a tournament thanks to penalty calls going in their favor. So to the extent that there's room for interpretation, you'd have hoped that, in this case, the ref would have been willing to let this one go. Still feels like the Panamanian player messed up, though.