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By Elizabeth Chuck

Panama announced Saturday it is boycotting the Miss Universe pageant — the latest Latin American nation to drop out in protest to Donald Trump's incendiary remarks about Mexican migrants.

The Miss Panama Organization and the Telemetro TV station said they wouldn't be a part of the Miss Universe contest, or broadcast it, "in a message of solidarity for our Mexican brothers and sisters." The contest is partially owned by Trump.

Trump, a 2016 presidential candidate, has faced searing criticism and lost numerous business deals since his comments about Mexicans during his campaign announcement earlier this month.

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"When Mexico sends its people, they're not sending their best," he said. "They're not sending you. They're sending people that have lots of problems, and they're bringing those problems with us. They're bringing drugs. They're bringing crime. They're rapists. And some, I assume, are good people."

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Mexico and Costa Rica have pulled its contestants out of the Miss Universe pageant, while NBC and Univision, which were going to air the annual show, announced they are cutting business ties with Trump. The blustery billionaire hasn't backed down.

On Friday, he called the fatal shooting of a woman in San Francisco "yet another example of why we must secure our border" after it was revealed that the suspect, Francisco Sanchez, is an undocumented immigrant.

In a statement, Panama and Telemetro said they would re-evaluate their decision "only in the event of an apology" or if "tolerance among nations can be guaranteed."

Natalia Jimenez contributed.