Which version of the program are you using on what operating system?
What processor do you have and with how much RAM?
When you first add your video to your timeline, do you see a yellow orange 'render' line above the clip? If the program has properly set up your project to match your video specs, you should not see this render line.
My wife has the USA version of that camera and I have a similar Panasonic. I can assure you that Premier Elements works with that "brand" of video.
As Steve asks, what are the specifics of your computer and what are the steps you are taking to start the project?
After going back to a restorepoint and reinstalling the program everything works well now. Thx everyone.