Exhibits both acyltransferase and acetyltransferase activities (PubMed:17182612， PubMed:20363836， PubMed:21498505).Catalyzes the conversion of lysophosphatidylcholine (1-acyl-sn-glycero-3-phosphocholine or LPC) into phosphatidylcholine (1，2-diacyl-sn-glycero-3-phosphocholine or PC) (PubMed:21498505).Catalyzes the conversion 1-acyl-sn-glycerol-3-phosphate (lysophosphatidic acid or LPA) into 1，2-diacyl-sn-glycerol-3-phosphate (phosphatidic acid or PA) by incorporating an acyl moiety at the sn-2 position of the glycerol backbone (PubMed:20363836).Involved in platelet-activating factor (PAF) biosynthesis by catalyzing the conversion of the PAF precursor， 1-O-alkyl-sn-glycero-3-phosphocholine (lyso-PAF) into 1-O-alkyl-2-acetyl-sn-glycero-3-phosphocholine (PAF) (PubMed:17182612).Also converts lyso-PAF to 1-O-alkyl-2-acyl-sn-glycero-3-phosphocholine (PC)， a major component of cell membranes and a PAF precursor (By similarity).Under resting conditions， acyltransferase activity is preferred (By similarit