I am afraid that, using the Bitnami LAMP, you will not be able to upgrade the php version unless you deploy a new version of the LAMP stack. So, if you are moving from Bitnami WordPress to LAMP to have upgrades, then my advice would be to not do it.
The recommended process to upgrade is to launch a new VM and migrate the data from one to the other.
Javier J. Salmerón
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