Sequentially removes both fatty acyl groups from diacylglycerophospholipids and therefore has both phospholipase B and lysophospholipase activities. It also displays transacylase activity. Substrate preference is phosphatidylserine > phosphatidylinositol >> phosphatidylcholine > phosphatidylethanolamine (PubMed:10497163, PubMed:8051052). The substrate specificity is pH- and ion-dependent. In contrast with activities observed at optimum pH 3.5, the order of substrate preference at pH 5.5 is phosphatidylcholine = phosphatidylethanolamine >> phosphatidylinositol. Degrades predominantly phosphatidylcholine and to some extent phosphatidylinositol in vivo (PubMed:15588231). a 1-acyl-sn-glycero-3-phosphocholine + H2O = a fatty acid + H(+) + sn-glycerol 3-phosphocholine a 1-acyl-sn-glycero-3-phospho-(1D-myo-inositol) + H2O = a fatty acid + H(+) + sn-glycero-3-phospho-1D-myo-inositol a 1-acyl-sn-glycero-3-phospho-L-serine + H2O = a fatty acid + H(+) + sn-glycero-3-phospho-L-serine a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol) + 2 H2O = 2 a carboxylate + 2 H(+) + sn-glycero-3-phospho-1D-myo-inositol a 1,2-diacyl-sn-glycero-3-phospho-L-serine + 2 H2O = 2 a carboxylate + 2 H(+) + sn-glycero-3-phospho-L-serine 2 1-hexadecanoyl-sn-glycero-3-phosphocholine = 1,2-dihexadecanoyl-sn-glycero-3-phosphocholine + sn-glycerol 3-phosphocholine 1-hexadecanoyl-sn-glycero-3-phosphocholine + H2O = H(+) + hexadecanoate + sn-glycerol 3-phosphocholine 1,2-dihexadecanoyl-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + H(+) + hexadecanoate Belongs to the lysophospholipase family.