To authorize the transfer of naval vessels to certain foreign countries.

Authorizes the Secretary of the Navy to transfer certain naval vessels to: (1) Brazil; (2) the Dominican Republic; (3) Ecuador; (4) Egypt; (5) Greece; (6) Mexico; (7) Poland; (8) Taiwan; (9) Thailand; and (10) Turkey.

Declares that the value of such transferred vessels shall not be counted for the limitation on the aggregate value of excess defense articles that can be transferred to such a country in any fiscal year.

Directs the Secretary, to the maximum extent possible, to require recipient countries, as a condition of transfer, to have such vessels repaired or refurbished at U.S. shipyards, including a U.S. Navy shipyard.

Expresses the sense of Congress that: (1) the President should transfer on a grant basis certain excess aircraft and naval vessels to the Government of the Philippines; and (2) the United States should not oppose the transfer of F-5 aircraft by a third country to such Government.