Well, I read over it, and I assume that it means you need a 5.0 in 1B03 AND a 5.0 in 1BB3.
It doesn't say that average for those two courses are cumulative, and I'm thinking that they didn't want to say "an average of 5.0 in 1B03 and 5.0 in 1BB3." It just seems cleaner to say it as a 5.0 in both. But the average is not cumulative, so no, you need at least a 5.0 in both courses individually.
I had talked to the academic advisor for economics back when the average was 7.0 for both, and I was stressing because I had a 4.0 in 1B03. I hope this helps.
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