The function of ENSG00000168004 (PLAAT5, phospholipase A and acyltransferase 5) is as follows. Exhibits both phospholipase A1/2 and acyltransferase activities (PubMed:22825852, PubMed:26503625). Shows phospholipase A1 (PLA1) and A2 (PLA2) activity, catalyzing the calcium-independent release of fatty acids from the sn-1 or sn-2 position of glycerophospholipids (PubMed:22825852). Shows N-acyltransferase activity, catalyzing the calcium-independent transfer of a fatty acyl group at the sn-1 position of phosphatidylcholine (PC) and other glycerophospholipids to the primary amine of phosphatidylethanolamine (PE), forming N-acylphosphatidylethanolamine (NAPE), which serves as precursor for N-acylethanolamines (NAEs) (PubMed:19000777, PubMed:22825852). {ECO:0000269|PubMed:19000777, ECO:0000269|PubMed:22825852, ECO:0000303|PubMed:26503625}.