Absolutely right. That would have been one of the 192nd or 194th Tank Battalion's early pattern M3 tanks that were captured by the IJA and used in the Philippines until 1945 when the US Army encountered them again. Interestingly, you can still make out the original "U.S.A." that would have been painted on in front of the serial number. It was likely overpainted by the Japanese and is being revealed as the paint fades in the sun.
I can't quite make out the overpainted serial number behind it, but someone else might be able to.