The server allows any combination of DEFAULT and ON UPDATE, if phpMyAdmin doesn't let you set it, then it's maybe a bug in phpMyAdmin. Anyway, it's important to note that timestamp columns are treated specially in mysql, so if you have more than one of this type in your table, it's well possible that it's not gonna work the way you expect.
From the mysql docs:
In a CREATE TABLE statement, the first TIMESTAMP column can be declared in any of the following ways:
- With both DEFAULT CURRENT_TIMESTAMP and ON UPDATE CURRENT_TIMESTAMP clauses, the column has the current timestamp for its default value, and is automatically updated.
- With neither DEFAULT nor ON UPDATE clauses, it is the same as DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP.
- With a DEFAULT CURRENT_TIMESTAMP clause and no ON UPDATE clause, the column has the current timestamp for its default value but is not automatically updated.
- With no DEFAULT clause and with an ON UPDATE CURRENT_TIMESTAMP clause, the column has a default of 0 and is automatically updated.