Value set to show an example :smileyhappy:
Look at the picture:

If you want to reset the counter when it reaches the value of the MR0 register, you must set bit 1 in MCR
LPC_TMR16B0->MCR = 1<<1;
If you want to reset the counter when it reaches the value of the MR0 register and generate interrupt, you must set bit 0 and 1
LPC_TMR16B0->MCR = 1<<0 | 1<<1;
What frequency to work with PWM ?