We study a reduct ${\mathcal{L}_*}$ of the ring language where multiplication is restricted to a neighbourhood of zero. The language is chosen such that for p-adically closed fields K, the ${\mathcal{L}_*}$ -definable subsets of K coincide with the semi-algebraic subsets of K. Hence structures (K, ${\mathcal{L}_*}$ ) can be seen as the p-adic counterpart of the o-minimal structure of semibounded sets. We show that in this language, p-adically closed fields admit cell decomposition, using cells similar to p-adic semi-algebraic cells. From (...) this we can derive quantifier-elimination, and give a characterization of definable functions. In particular, we conclude that multiplication can only be defined on bounded sets, and we consider the existence of definable Skolem functions. (shrink)