MANILA, Philippines--Nearly half of households supported by overseas Filipino remittances are now investing for the future--whether through bank savings, other financial instruments and real estate--and their ranks are reported to have doubled in the second quarter.

Based on the second quarter consumer survey of the Bangko Sentral ng Pilipinas (the Philippine central bank), the number of overseas Filipino-supported households that allotted part of their remittances for various types of financial investments more than doubled to 48.6 percent from 21.9 percent in the first quarter.

One out of three households earmarked money for bank savings--also twice the previous ratio.

This percentage rose to 31.4 percent in the second quarter from 14 percent in the first quarter and 15.7 percent in the same quarter a year ago.

"Over time, some of these families have seen some children finish schooling," BSP Deputy Governor Diwa Guinigundo explained. "Some have paid their debts and other commitments ... so it's time to save."

About 14.3 percent said they had set aside some of the money for the purchase of a house--that ratio also surged from 6.1 percent of the previous quarter, and 2.5 percent a year ago.

Those who invested in other financial instruments, presumably stocks, bonds or insurance, accounted for 3 percent, up from 1.8 percent the previous quarter, but lower than 4.5 percent in the same period last year.

This year rising food and fuel prices, as well as the adverse impact of a US-led global slowdown, weighed heavily on the financial markets.

Raul Dimayuga, president of BPI Direct, the Bank of the Philippine Islands' savings unit focusing on overseas Filipinos, said his bank had indeed seen a sharp increase in the number of bank accounts recently opened by overseas workers.

"It's part of the drive of banks to reach out to them, before they leave and once they are abroad," Dimayuga said.

He said Philippines banks before were battling only for a bigger share of remittances coursed through them. Now, he said, the thrust was to encourage overseas Filipinos to open and maintain savings accounts.

In line with continuing customer education, he said quite a number of overseas Filipinos, including seafarers, were also making sub-allotments for savings on top of what they normally send to support the consumption requirements of their families. The maintaining balance of such bank accounts were likewise rising, Dimayuga added.

BPI is the country's biggest banking channel for overseas remittances.

Meanwhile, the BSP survey showed continuing priority among overseas Filipinos in spending for food, education and medical expenses and debt payments.

The number of those who had allotted money for purchase of a motor vehicle also increased to 5.1 percent from 1.6 percent a quarter ago and 3.5 percent a year ago.