A police statement released says the bodies of three females and two males were recovered near Maka during Sunday's search effort.
The commander of the police operation centre, Richard Menapi, said three of the bodies had been identified and a doctor and police forensics team were being dispatched to help identify the remaining two.
"On behalf of the Acting Commissioner of Police, I would like to thank everyone who have been involved in the search for the missing 27 people so far as we try as much as possible to find the bodies so their grieving relatives can give them a proper burial," said Mr Menapi.
Earlier in the weekend two other bodies had been recovered by authorities.
There are still 21 people still missing.
The search effort continues today.
An investigation is being launched into the incident involving the MV Taimareho.
One of the main questions being asked is why the captain and crew did not abide by maritime safety warnings advising ships not to take to sea because Cyclone Harold was in the area.
Photo: Police Media Caption: Solomon Islanders observe the MV Taimareho