Hi Allwyn,
Are you binding the media traffic to a specific IP address on your PSTN gateway? If so, can you perform an extended ping, using that IP address as the Source IP for the ping, through to the IP address of the IP Phone?
Most of the time such issues are IP routing related... I suspect that the RTP stream from the IP Phone is being sent to an IP address that it's default gateway just doesn't know how to get to.
Kind regards,
Craig