To express the sense of the Congress with respect to the assassination of Colonel James Rowe in the Philippines, and to authorize the transfer to the Republic of the Philippines of two excess naval vessels.

Sets forth congressional findings with respect to the assassination of Colonel James Rowe in the Philippines.

States that the Congress rejects any attempts by the New People's Army (NPA) to force the United States to withdraw from military facilities in the Philippines or to end its support for the elected Government of the Philippines. Declares that the United States: (1) should continue to provide economic and military assistance to the Philippines to consolidate democracy, address the underlying economic problems, and combat the NPA insurgency; and (2) will not be deterred from utilizing all military facilities in the Philippines to which the United States currently has access pursuant to the military bases agreement with the Philippines.

Authorizes the Secretary of the Navy to transfer to the Philippines a specified drydock and medium yard tug. Waives a certain reimbursement requirement pursuant to the Foreign Assistance Act of 1961 with respect to such transfer. Requires costs incurred with respect to such transfer to be at the Government of the Philippines' expense. Terminates the Secretary's authority for such transfer two years after this Act's enactment.