My POV, even not having much experience in developing large applications is to write business logic in the DB for some reasons:
1 - Maintainability, I think that languages deprecate functions and changes many other things in a short time period, so if PHP changes version, you'll need to adapt your code to the new version
2 - DBs tends to be more language stable, so when a new version of a RDBMS comes out, it usually doesn't change many things in the way you write your queries or SPs, or it even doesn't change. Writing your logic in DB will reduce code adaptation because of a new DB version
3 - A RDBMS is more likely to be alive for a long period rather than a programming language. Also, as your data is critical, there is a big worry from the RDBMS developers for automatic migration of your whole data to the new RDBMS version, including your SPs. When clipper died, there were no ways to migrate systems to a new programming language, they had to be completely rewritten.
4 - If you think someday to change completely the language you are writing the application for some reason(language death, for example), the only thing to be rewritten will be the presentation and the SP calls, not business logic.
I'd like to know from other people here if what I pointed out makes sense, and if not, why. I'm on the same situation as Sabeen Malik, I'm thinking to begin my first huge project and I'm tending towards SPs because of what I wrote. So it's time to correct my POV if it's not so correct.