You have to run
# yum update php
After that.
[root@xxxxxxx ~]# yum update php
Loaded plugins: fastestmirror
Setting up Update Process
Loading mirror speeds from cached hostfile
* atomic: mirror1.34sp.com
* base: centos.mirrors.ovh.net
* city-fan.org:
www.city-fan.org
* extras: mirror.plusserver.com
* updates: centos.mirrors.ovh.net
* webtatic: uk.repo.webtatic.com
atomic | 3.4 kB 00:00
base | 3.7 kB 00:00
city-fan.org | 2.9 kB 00:00
extras | 3.4 kB 00:00
mysql-connectors-community | 2.5 kB 00:00
mysql-tools-community | 2.5 kB 00:00
mysql56-community | 2.5 kB 00:00
plesk-php-5.6 | 2.9 kB 00:00
plesk-php-7.0 | 2.9 kB 00:00
updates | 3.4 kB 00:00
webtatic | 3.6 kB 00:00
No Packages marked for Update
[root@xxxxxx ~]# php -v
PHP 5.4.45 (cli) (built: Aug 23 2016 14:41:13)
Copyright (c) 1997-2014 The PHP Group
Zend Engine v2.4.0, Copyright (c) 1998-2014 Zend Technologies
with the ionCube PHP Loader v4.7.1, Copyright (c) 2002-2014, by ionCube Ltd.