Filipino Veterans' Benefits Improvements Act of 2001 - Redesignates provisions of Federal law which authorize: (1) payment of compensation for the service-connected disability of members of the Philippine Commonwealth Army who served with U.S. armed forces during World War II and who now are U.S. citizens or lawfully reside in the United States; and (2) hospital and nursing home care and medical services for such veterans and new Philippine Scouts in the same manner as U.S. veterans. Limits the disability pension to $100 per month for such veterans who reside in the Philippines.

Directs the Secretary of Veterans Affairs to furnish care and services to veterans of World War II, Commonwealth Army veterans, and new Philippine Scouts for the treatment of service-connected disabilities and non-service connected disabilities of such veterans and scouts residing in the Philippines on an outpatient basis at the Manila VA Outpatient Clinic. Limits to $500,000 the amount to be expended during a fiscal year for such services.