Yes they exist! I thought it was just a rumor that these two gigantic Philippine peso bills were made by the Central Bank of the Philippines. They are legal tender notes released in 1998, during the celebration of 100th Year of the Philippine Independence.
The Php 2000 has a dimension of 216mmx133mm and only 2,000 pieces were issued. Look at the picture:
On the other hand the Php 100,000 has a dimension of 8.5” x 14”, bigger than a long bond paper and only 1,000 pieces of this peso bill were issued. It was recognized by the Guinness Book of World Records as the world’s largest legal tender note in terms of size.
To read more about this, check this link