Your iron is not defective.
Your Philips iron is equipped with high steam output (to produce powerful levels of steam). This helps to achieve great ironing results and easy crease removal but may cause condensation on the board cover, meaning the board or your clothes might get slightly damp. Also because of this, after a long ironing cycle, the floor under the ironing board might become a bit wet as well.
If your iron has an Eco mode available, using this can help you to lower the rate at which your iron will produce steam.