Hi Guys,
Please do support latest PHP versions, but still the recommended version to run Plesk in PHP 5.3.x. That is the listed PHP version in their official autoinstaller site. Some times you may face several issues after upgrading the PHP version. To fix the issues, you have to remove all the non-compactable PHP packages and install the Plesk compatible RPM using autoinstaller.
There is a one liner to upgrade older PHP version to Plesk compatible 5.3 or to install Plesk compatible 5.3 after you remove all the existing non-compatible PHP packages.
/usr/local/psa/admin/sbin/autoinstaller --select-release-current --install-component php53
This will install Plesk compatible ( and the recommended ) PHP 5.3 in your system.