Can i update the PHP to " PHP V5.4+"
How to update the PHP version to php v5.4+
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To solve your issue, please browse http://kb.plesk.com for Knowledge Base articles that might have a solution. If you don’t have any luck there, open https://cscontact.plesk.com/ and file a ticket. We are closing your request as it doesn’t include any software improvement proposal.
Also, you can use multiple PHP handlers http://docs.plesk.com/en-US/12.5/administrator-guide/web-hosting/php-management.70668/
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