What is the significance of providing default parameter values in PHP functions?

Providing default parameter values in PHP functions allows for more flexibility and convenience when calling the function. It allows the function to be called without providing all the parameters, as the default values will be used instead. This can help simplify the code and make it more readable, as well as reduce the chances of errors when calling the function.

function greet($name = "friend") {
    echo "Hello, $name!";
}

greet(); // Outputs: Hello, friend!
greet("John"); // Outputs: Hello, John!