It comes barely a year after the firm cut 40 jobs at its lighting plant in the South Lanarkshire town to move production to Poland.
The latest blow will see 133 more jobs transferred as the firm phases out production of certain lines of outdoor lighting equipment.
A spokesman for Philips said: "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.
"Reductions in workforce are always difficult and Philips is committed to providing affected employees with as much help, information and support as possible."
Philips said it would continue to produce low pressure sodium lamps - found in street lights - exclusively at Hamilton.
Central Scotland 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.
"It is hugely disappointing to hear that these jobs are being outsourced to other countries for cost reasons.
"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 those still there will be given strong reassurance their posts are safe."
Philips said it was entering into a consultation period with staff, but it is thought that while it will seek to attract applications for voluntary redundancy, there will be compulsory redundancies.
Last year's cuts saw all 40 posts shed via voluntary redundancy.