File php.ini configuration on Mac OS X

I am experiencing a strange problem with PHP configurations file php.ini on Mac OS X. I have created a phpinfo file. Calling it in the browser shows the PHP settings with -

Configuration File (php.ini) Path: /etc

Loaded Configuration File: /private/etc/php.ini

However upon editing the php.ini file at this location, (and restarting Apache of course) the changes are not reflected in the PHP settings as well as the phpinfo file.

E.g.: changing the bcmath decimal digits, changing timezone settings, etc. Is there another primary location from where Apache will pick up the settings file?