The job cuts in the South Lanarkshire factory are part of a programme of global "operational efficiencies", the company said in a statement released today.
A Philips spokesman 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.
"As a result, we have informed the workforce at our Hamilton facility that 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.
"The proposed phase-out would impact 133 members of staff. Reductions in workforce are always difficult and Philips is committed to providing affected employees with as much help, information and support as possible.
"As part of the proposal, our low-pressure sodium lamps produced at Hamilton would continue to be manufactured on site for the global market.
"Hamilton is the only Philips manufacturing facility around the world that produces these lamps for an existing customer base for this technology."
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 over 65 years and is a major employer and regional landmark. It's hugely disappointing to hear that 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.
"I am looking for reassurance from them and the Scottish Government that all appropriate mechanisms will be used to support those losing their jobs, and that for those still there that they will be given strong reassurance their posts are safe."
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 that 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 SOCs work in Hamilton, employing more than 100 people, will continue and is unaffected by this announcement.
"Nevertheless, Philips has been synonymous with Hamilton for generations and to see the company's presence further reduced in the town is very concerning."