In principle, yes, but for now, only with a workaround.
As far as I know F-spot stores the tags in the field "XMP:Subject".
(Can you confirm this? It's also possible f-spot stores the tags in
the Exif field Photo.UserComment but I'm not sure)
Currently, phraymd stores keywords in the IPTC field
Application2.Keywords. Eventually phraymd will also look in relevant
XMP and Exif fields for keywords. Unfortunately, phraymd can't yet
read XMP metadata because the underlying pyexiv2 library which can't
yet read XMP metadata. That support is coming soon in pyexiv2 and if
it doesn't I'll come up with a workaround because XMP support is a
high priority for phraymd.
One workaround (I haven't personally tested) is here:
http://www.derekhildreth.com/blog/from-f-spot-to-iphoto-transfering-keywords-tips-tricks/
The problem is if you are running both phraymd and f-spot you will
need some way to keep the two in sync. (Note that phraymd will
autoscan for changes to photo metadata each time you start up)