Are there any specific PHP functions or libraries that are recommended for handling number formatting tasks efficiently?

When working with number formatting tasks in PHP, it is recommended to use the `number_format()` function. This function allows you to format a number with grouped thousands and decimal points. Additionally, the `Intl` extension in PHP provides a set of classes and functions for internationalization tasks, including number formatting.

// Using number_format() function
$number = 1234567.89;
$formatted_number = number_format($number, 2, '.', ',');
echo $formatted_number;

// Using Intl extension for number formatting
$number = 1234567.89;
$fmt = new NumberFormatter('en_US', NumberFormatter::DECIMAL);
$formatted_number = $fmt->format($number);
echo $formatted_number;