The other flag is most likely the American flag.Good find on that ring too. It appears to be Phillipines flags on it
"From October 30, 1919, two flags were flown in the Philippines: the American flag and the flag conceived by Emilio Aguinaldo which was made the national flag of the Philippines with the repealing of Act No. 1697."
The United States recognized the Republic of the Philippines as an independent state on July 4, 1946, when President Harry S. Truman did so in a proclamation.