For writing, there is no built-in function. You'll need to use a custom solution.
You can also use ImageMagick for reading and writing exif data. For CentOS installation instructions go to codercake.net: Installing ImageMagick 6.6.9-7 and imagick 3.0.1 for PHP on CentOS 5.5 64 bit.
yum install ImageMagick ImageMagick-devel yum remove ImageMagick yum install libtool-ltdl libtool-ltdl-devel freetype freetype-devel fontconfig-devel wget http://download.fedora.redhat.com/pub/epel/5/x86_64/epel-release-5-4.noarch.rpm rpm -Uvh epel-release-5-4.noarch.rpm yum --enablerepo=epel install jasper jasper-libs jasper-devel wget http://www.imagemagick.org/download/linux/CentOS/x86_64/ImageMagick-6.6.7-9.x86_64.rpm wget http://www.imagemagick.org/download/linux/CentOS/x86_64/ImageMagick-devel-6.6.7-9.x86_64.rpm rpm -Uvh ImageMagick-6.6.7-9.x86_64.rpm rpm -Uvh ImageMagick-devel-6.6.7-9.x86_64.rpm pecl install imagick echo 'extension=imagick.so' > /etc/php.d/imagick.ini service httpd restart
The PHP interface to ImageMagick is at http://www.php.net/manual/en/class.imagick.php and exif extraction example is at http://valokuva.org/?p=18
The interesting functions are imagick::getImageProperties and imagick::setImageProperty.