Add docs for PersistentVolume last phase transition time

content/en/docs/concepts/storage/persistent-volumes.md

@@ -768,6 +768,23 @@ A volume will be in one of the following phases:
 
 The CLI will show the name of the PVC bound to the PV.
 
+#### Phase transition timestamp
+
+{{< feature-state for_k8s_version="v1.28" state="alpha" >}}
+
+Persistent volume status contains a `LastPhaseTransitionTime` field which holds
+a timestamp of when the volume last transitioned its phase. For newly created
+volumes the phase is set to "Pending" and `LastPhaseTransitionTime` is set to
+current time.
+
+This field is not restricted and users can set any arbitrary timestamp for this
+field which will be kept until volume transitions phase again. If it does transition
+phase the user set value will be overwritten to current time by the API server.
+
+The timestamp can also be updated to reflect an earlier point in time relative
+to the current timestamp which can be useful for cases when system time setting
+might have been misconfigured and fixed later.
+
 ## PersistentVolumeClaims
 
 Each PVC contains a spec and status, which is the specification and status of the claim.