I've just checked PHP's issue tracker and a core developer says that this function was never meant to support alpha channel! and they refused to commit the provided patch! so ridicules
Anyway i tried rodrigo's workaround and it worked quite well, thanks rodrigo for sharing it.
I came up with another idea which is much faster than his solution, (it may need a little bit more memory)
Hope it helps someone.
<?php
function imagecopymerge_alpha($dst_im, $src_im, $dst_x, $dst_y, $src_x, $src_y, $src_w, $src_h, $pct){
$cut = imagecreatetruecolor($src_w, $src_h);
imagecopy($cut, $dst_im, 0, 0, $dst_x, $dst_y, $src_w, $src_h);
imagecopy($cut, $src_im, 0, 0, $src_x, $src_y, $src_w, $src_h);
imagecopymerge($dst_im, $cut, $dst_x, $dst_y, 0, 0, $src_w, $src_h, $pct);
}
?>