Plays an important role in fat metabolism. It preferentially splits the esters of long-chain fatty acids at positions 1 and 3, producing mainly 2-monoacylglycerol and free fatty acids, and shows considerably higher activity against insoluble emulsified substrates than against soluble ones. {ECO:0000269|PubMed:10769148, ECO:0000269|PubMed:17401110}. This is the function of Ensembl gene identifier ENSG00000175535 (PNLIP, pancreatic lipase).