Sequentially removes both fatty acyl groups from diacylglycerophospholipids and therefore has both phospholipase A and lysophospholipase activities. However, it does not display transacylase activity. Substrate preference is phosphatidylserine > phosphatidylinositol > phosphatidylcholine > phosphatidylethanolamine (PubMed:10231538, PubMed:10497163). 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 phosphatidylserine = phosphatidylethanolamine > phosphatidylcholine > phosphatidylinositol (PubMed:15588231). a 1-acyl-sn-glycero-3-phosphocholine + H2O = a fatty acid + H(+) + sn-glycerol 3-phosphocholine 1-hexadecanoyl-sn-glycero-3-phosphoethanolamine + H2O = H(+) + hexadecanoate + sn-glycero-3-phosphoethanolamine 1-hexadecanoyl-sn-glycero-3-phosphocholine + H2O = H(+) + hexadecanoate + sn-glycerol 3-phosphocholine 1-hexadecanoyl-sn-glycero-3-phospho-L-serine + H2O = H(+) + hexadecanoate + sn-glycero-3-phospho-L-serine 1,2-dihexadecanoyl-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + H(+) + hexadecanoate Optimum pH is 4. Optimum temperature is 40 degrees Celsius. Covalently-linked GPI-modified cell wall protein (GPI-CWP). The GPI-anchor is attached to the protein in the endoplasmic reticulum and serves to target the protein to the cell surface. There, the glucosamine-inositol phospholipid moiety is cleaved off and the GPI-modified mannoprotein is covalently attached via its lipidless GPI glycan remnant to the 1,6-beta-glucan of the outer cell wall layer. Present with 623 molecules/cell in log phase SD medium. Belongs to the lysophospholipase family.