for X in `find . -maxdepth 2 -type d -name ".svn" | cut -d / -f 2`; do svn update ./$X; done
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for X in `find . -maxdepth 2 -type d -name ".svn" | cut -d / -f 2`; do svn update ./$X; done
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Set the property for your toplevel directory (~/PROJECTS in your case) and a simple: 'svn update' will update all your projects.
Reference:
http://svnbook.red-bean.com/nightly/en/svn.advanced.externals.html