Maybe. PHP is a wonderful interpreted language that makes creating a web application easy. The biggest problem with PHP are the entry-level programmers who don't understand the beast that is web programming.
Many PHP programmers don't understand the number one rule of secure web programming: All user data is evil. Anything that comes from an HTTP request can not be trusted. Heck, I don't trust it even after it has been stored in a database table or the file system. I would love to see a Perl-ish taint mode built into PHP that tells the programmer "This data has come from an insecure source. Please don't eval() it or unserialize() it or write it to disk. Cheerio."