The job losses represent a reduction of more than half the site's workforce at its plant in Hamilton, South Lanarkshire.
It comes barely a year after the electronics giant cut 40 jobs at its lighting plant to move production to Poland.
A total of 133 more jobs will be transferred to other sites as the firm phases out production of certain lines of outdoor lighting equipment.
Central Scotland Labour MSP Siobhan McMahon said: "These job losses are a devastating blow for workers at Philips and the local economy.
"The factory has been in Hamilton for more than 65 years and is a major employer and regional landmark. It's hugely disappointing to hear these jobs are being outsourced to other countries for cost reasons.
"I had been pressing Philips for news of their plans for some time and no information was forthcoming, so this announcement comes as a real shock."
The MSP demanded assurances from the Government and the firm that all appropriate mechanisms will be used to support the people being made redundant. She also called for reassurances that the posts of those remaining with Philips are safe.
It said it would continue to produce low-pressure sodium lamps, typically found in city street lights, exclusively at the factory in the town's Wellhead Road.
Hamilton West Labour MP Tom Greatrex said: "This is a massive blow to a loyal and long-standing workforce in Hamilton who have given many years of service to Philips.
"In discussions with Philips management I have underlined the importance of ensuring those affected are given support to find alternative employment and I will be pressing SNP ministers in Edinburgh to ensure there is help and advice for those affected.
"I am grateful for the commitment given to me by the company that the sodium lamps work in Hamilton, employing more than 100 people, will continue and is unaffected by this announcement."
Mr Greatrex described Philips as a firm that has been synonymous with Hamilton for generations and he was concerned to see the company's presence further reduced in the town.
A spokesman for Philips said: "In order to remain agile and competitive in an economic environment that continues to be challenging, Philips is improving operational efficiencies across the globe.
"We have informed the workforce at Hamilton we are proposing to phase out the production of luminaires at the facility during the first half of 2014, with a number of product lines being transferred to other sites.
"Philips is committed to providing affected employees with as much help, information and support as possible."
Last year when the decision was made to transfer some jobs to Poland, the company blamed a cut in production due to EU regulations that encourage producers to use energy-saving and LED lighting technology.
There was controversy when Energy, Enterprise and Tourism Minister Fergus Ewing said he was delighted Philips had been "able to achieve the reduction in its headcount without having to make any compulsory redundancies."
Ms McMahon described the phrase as a "somewhat inappropriate emotion" for a minister to use. The Government later made it clear that it regretted any job losses.