Procure PGMS For Israel Act This bill authorizes the President to: (1) conduct a joint assessment with the government of Israel regarding Israel's precision guided munitions needs in a sustained armed confrontation with Hezbollah, and (2) add precision guided munitions to war reserve stocks in Israel and to transfer such munitions to Israel for rocket defense in the likely possibility of a sustained Israeli-Hezbollah conflict. Prior to any such transfer the President must certify to Congress that the transfer does not harm U.S. combat readiness or affect U.S. precision guided munitions supplies. The bill includes the production of precision guided munitions in the Department of Defense's rapid acquisition and deployment procedures. The bill permits use of the Special Defense Acquisition Fund to assist a U.S. ally that is under direct missile threat.