Log into the control panel and open PHP Manager. PHP Manager is available in the Tools section on the main page.

Click the Change button next to the website you want to modify.
You will see a list of all domains and subdomains hosted on your account. You can change the PHP version for each one individually.

Select the desired PHP version and save the changes.
A window will appear showing the available PHP versions. Choose the one you prefer and click "Change".

Why is it important to use the latest PHP version?
We give users the ability to run their websites on older PHP versions, but that doesn't mean we recommend it. There are several reasons why you should upgrade to the latest PHP version if possible.
The most important advantage is security. PHP security vulnerabilities are discovered daily, so you need to ensure you're protected. However, many people don't take this into consideration.
For example, countless websites still run on PHP 5.6, which stopped receiving security updates in January 2019. All security flaws discovered since then remain unpatched for sites still running this version.
Of course, upgrading to the latest version has other benefits too. New features and performance improvements are constantly being added. While there may sometimes be minor bugs, PHP's large community resolves these issues very quickly.
The only real challenge might be related to compatibility. Old CMS plugins and themes might not work correctly on newer PHP versions. However, in such cases, these plugins and themes likely represent a security problem themselves, so it might be better to abandon them and find modern alternatives.
In the worst-case scenario, you might need to review your entire website configuration to make it work with the new PHP version. This can be a labor-intensive process, but the security benefits significantly outweigh any difficulties.