You can try adding the following web.config in the system.webServer element:
<handlers>
<remove name="PHP54_via_FastCGI" />
<add name="PHP54_via_FastCGI" path="*.php" verb="GET, PUT, POST, HEAD, OPTIONS, TRACE, PROPFIND, PROPPATCH, MKCOL, COPY, MOVE, LOCK, UNLOCK" modules="FastCgiModule" scriptProcessor="D:\Program Files (x86)\PHP\v5.4\php-cgi.exe" resourceType="Either" requireAccess="Script" />
</handlers>
if you are working with older versions of PHP, you will need to modify the path of the php-cgi handler.
Hope it helps!
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