MANILA -- The much-awaited Golden Disc Awards 2017, which was supposed to be held in Manila early next year, has been cancelled.

The announcement was made by All Access Production Tuesday through its social media accounts.

According to All Access, the event, which was supposed to be held in Manila on January 10 and 11, 2018, was cancelled due to the local investor's "failure to comply with their responsibility to the owner of the original Golden Disc Awards Ceremony, JTBC PLUS."

"Local production teams, - LUMOS E&M together with All Access Production, have tried to solve the issues revolving the event but all organizing partners have agreed to move the event back to Korea for a more successful show," All Access said in a statement.

Despite the cancellation, the organizers said they are in continuous discussion to hold Golden Wave in the Philippines.

"Golden Wave will be held in the first half of 2018 with a high-level celebration of the Golden Disc Awards winning artists. More details will be announced later," All Access said.

All Access first announced the event last November 16. Ten days later, the secretariat for the awards show denounced ongoing ticket sales, saying the final location for the event had yet to be confirmed.