perl -lape'
   $F[1] =~ s{\|([^|]*)\|([^|]*)}{<name>$1</name><value>$2</value>};
   $F[2] =~ s{\|([^|]*)\|([^|]*)}{<foo>$1</foo><bar>$2</bar>};
   $_ = join("\t", @F);
' inputfile