Enables protein serine/threonine phosphatase activity. Involved in several processes, including hippocampus development; protein dephosphorylation; and regulation of intracellular signal transduction. Located in cytoplasm; nucleus; and plasma membrane. Orthologous to human PHLPP1 (PH domain and leucine rich repeat protein phosphatase 1). [provided by Alliance of Genome Resources, Apr 2022]