echo $$PATH
to check. If it's not there, here are some tips for changing it.Mac OS X is unix-like under the hood. There are many ways to accomplish just about anything, including setting your path.
A good description for adding /usr/local/bin to your path, can be found in this MacDevCenter article. If you look at the "Laying the Groundwork" section, you'll find a discussion about setting the path just after the command "php -v" is listed.
Note that the methods listed in that article only apply to the user you're logged in as. To adjust the path for all users, you can edit the /etc/profile file.