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Help pls.. Already accepted and signed Job Offer but employer seems backing out

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Arresto Menor
Good day to all. Would just like to some advise regarding my application with a BPO.

Last Aug 6, 2014, I was interviewed for a position in a BPO. The interviewer was the hiring manager for the position. In January 2015, I was advised that I passed and was asked to sign the contract. I signed Feb 2, 2015. After gathering and submitting all requirements I was told to wait for the starting date. Supposedly it was an urgent requirement and was informed by the hiring manager that he wanted me onboard within Feb 2015.

Weeks passed and I was still not asked to start. Around last week, I was told by a friend who also works in the same BPO that "there have been certain developments" and that many are in fact being laid off. I emailed the HR personnel handling my application last week (Mar 26, 2015), I was told they were still awaiting "approvals for my Job Offer". But the thing is, they've already asked me to sign (and I accepted) the Job Offer. I don't have a copy of the Job Offer I signed since I was told that time that the contract was still to be signed by the Head of HR.

My question is, can they cancel on that contract? Isn't it an offer for employment which I accepted and signed, and in which case they have to honor?

What should I do? Should I just continue to wait indefinitely?

Hoping for your kind advise. Thank you so much.

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