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Yes, it is. There are a number of reasons why PHP is popular for enterprise application development.
PHP is well suited for different kinds of tasks such as full-fledged SaaS applications to custom CMSs. It can be used for software development together with other programming languages like C# or Python.
Many large websites and apps were built using PHP. It doesn’t require enormous system’s resources, which is highly important for large and complex projects. While PHP suits well some types of projects, it may not be a good fit for the other ones.
PHP is a versatile, flexible, robust and scalable programming language. Due to the advancement of PHP frameworks developers can now create enterprise-standard eCommerce websites and web apps.