(a) today, say I did a fx swap trade: long PHP/USD spot and short 1m PHP/USD forward. Then if 1m PHP interest rate goes up, I should make money (meaning i locked in paying a lower 1m PHP interest rate today).
(b) But on the other hand, I long PHP/USD spot and short 1m PHP/USD forward, meaning I borrow USD today and should be pay USD rate and earning PHP interest rate.
Why in (a) it is showing I am paying PHP rate, while in (b) showing I am earning PHP rate. What goes wrong here?