The DISPOSE Act establishes the Precursor Chemical Destruction Initiative to help Colombia, Mexico, and Peru seize and destroy chemicals used in illegal drug production. The bill authorizes the State Department, working with the Defense and Justice Departments, to coordinate efforts that increase destruction rates of these chemicals, eliminate hazardous waste from seized stockpiles, and prevent confiscated chemicals from being reused in drug manufacturing. Within 90 days of enactment, these agencies must submit a detailed implementation plan to Congress that includes a multi-year strategy, specific performance benchmarks, budget projections, and a plan to address corruption and security concerns, with annual progress reports required thereafter. The legislation is funded through existing International Narcotics Control and Law Enforcement program budgets at the State Department, and allows the Secretary of State to add or remove beneficiary countries as circumstances warrant.