Now works with elasticbeanstalk t1.micro

.ebextensions/01_setup_swap.config

@@ -0,0 +1,9 @@
+commands:
+    01_setup_swap:
+        cwd: /
+        test: '[ ! -f /swapfile ] && echo "Swapfile already setup"'
+        command: |
+            fallocate -l 4G /swapfile
+            chmod 600 /swapfile
+            mkswap /swapfile
+            swapon /swapfile

.ebextensions/02_install_phalcon.config

@@ -0,0 +1,13 @@
+commands:
+    02_phalcon_install:
+        # run this command from /tmp directory
+        cwd: /tmp
+        # don't run the command if phalcon is already installed (file /etc/php.d/phalcon.ini exists)
+        test: '[ ! -f /etc/php.d/phalcon.ini ] && echo "phalcon not installed"'
+        # executed only if test command succeeds
+        command: |
+            git clone --depth=1 git://github.com/phalcon/cphalcon.git \
+            && cd cphalcon/build \
+            && ./install \
+            && echo extension=phalcon.so > /etc/php.d/phalcon.ini \
+            && rm -rf ./cphalcon