The 2-LCPS problem, first introduced by Chowdhury et al. [Fundam. Inform., 129(4):329-340, 2014], asks one to compute (the length of) a longest palindromic common subsequence between two given strings A and B. We show that the 2-LCPS problem is at least as hard as the well-studied longest common subsequence problem for 4 strings. Then, we present a new algorithm which solves the 2-LCPS problem in O σM 2 + n time, where n denotes the length of A and B, M denotes the number of matching positions between A and B, and σ denotes the number of distinct characters occurring in both A and B. Our new algorithm is faster than Chowdhury et al.'s sparse algorithm when σ = o(log 2 n log log n).