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Well the real question is whether that PHP source renders HTML a spider will be able to parse and index. Your PHP could in theory write nothing by javascript, which would still be invisible to the search bots. Or it could use frames, which would also be bad.
But the real trick is, anything you want to do, try it, then view source from the output page in your browser. That will show you exactly what the search bots will see. I don't think there's any reason an include function should trip up the spiders, but you can prove it to yourself one way or the other and not have to rely on my guess.
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