Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Ah, that explains it then. Yes, let the current one expire first. Make sure you turn auto renewal off. Then you need to update your profile country to the Philipines before you can redeem the new one. To update, go to https://account.live.com > Your info. As long as you use the same account, you shouldn't experience data loss if you do it as soon as it expires.