That's better but still not right. You do not need D1 at all, just remove it and connect R3 to pin 10.
The reaction time is still being limited by the time it takes to charge C1 and C2. Ideally, you want the electrical reaction time to be as fast as possible and use software to create the delay.
I'm assuming you are trying to measure the current by reading the voltage at PIC pin 7. To make it react quickly what you need to do is sample the rectified AC signal at it's peak in the cycle. To achieve this you need to find where the peak is. There are two ways to to that, either you keep sampling and comparing the readings and use the one just before the voltage started to drop, or, the easier way is to use a timer. You know what frequency the AC is, so use a zero crossing detector to find a reference point then wait for one quarter cycle before taking the measurement. The peak will always be one quarter cycle after zero so timing it is simple. For example, if your AC frequency is 50Hz, one complete cycle takes (1/f) 20mS so the peak will be at 5mS from zero. Be careful to use the positive peak and not the negative one!
Brian.