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I recently had to upgrade PHP on an old server, here is how I did it.
Please note: This will remove all your PHP components and any custom settings you may have done, you’ll have to repeat all that you did to setup your server to run your PHP applications.
Add atomic’s repo
wget -q -O - http://www.atomicorp.com/installers/atomic |sh
Simply issuing the upgrade command did not work for me, had a couple of conflicts from other repos, so the only option left was to completely remove PHP and re-install it.
yum remove php-*
Now install PHP
yum install php
Throw a phpinfo file to confirm PHP has in fact updated