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 four strings (the 4-LCS problem). 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 $σ= o(\log^2n \log\log n)$.