Filipino Veterans Equity Act of 2008 - Establishes in the Treasury the Filipino Veterans Equity Compensation Fund, whose amounts shall be available to the Secretary of Veterans Affairs without fiscal year limitation to make payments to specified eligible persons who served: (1) before July 1, 1946, in the organized military forces of the government of the Commonwealth of the Philippines, while in the service of the Armed Forces of the United States; or (2) in the Philippine Scouts.
Sets the payment amounts at $15,000 for U.S. citizens and $9,000 for non-U.S. citizens. States that acceptance of such payment shall constitute a release of any claim against the United States for such service.
Requires the Secretary to include information concerning compensation fund operation within annual budget documents submitted to Congress.
Authorizes appropriations.