If from what I've read Sophitia, I think you are wrong.
The 1st villager is in the town where you get the eye.
The 2nd villager is being attacked by the Tengu after the bridge
The 3rd villager is being attacked by the Tengu on the left path after you save the 2nd villager
The 4th villager is being attacked by ettins to the path to the left of the merchant area
The 5th villager is being attacked by the Tengu after the merchants in the same area
The trick is to kill the tengu first in the merchant area, then go back and save the villager being attacked by the ettins. But you must be quick or the ettins will kill the villager and you get no bonus.
On the upside, you get 500 gp for each villager you do save (bonus or not). Make sure you talk to the mantel at the end, before you go to the circle, else you lose your change at gold.
Hope this helps.
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