As the CARs does read, "the holder has acted as P.I.C within the preceeding 5 yrs." within being the key word.
Therefore, what would be required as it does not state, but, because no CARs is very precise and clear anyway, it is for the reader to interpet, until T.C. decides if the right choice was made or not.
A PPC will not make the pilot current. There is more training required, such as: machine type currency, exams, medical exam, basically a Flight review as stated. So much would have changed and if your talking as a Commercial pilot licence holder, looking to meet the recurrent training, then even more stiffer is the requirement.
A single PPC ride will not cover it all.
This is my interpretation, however I'm not an instructor, it's just how it reads to me.
Hope this helps.