Your iron is not defect,
Your Philips iron is equipped with high steam output (to produce powerful levels of steam). This helps achieving great ironing results and easy crease removal but may cause condensation on the board cover and for the board or your clothes to be 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 lowering the steam rate your iron will produce.