Traditional risk assessments use asset losses as the main metric to measure the severity of a disaster. This paper proposes an expanded risk assessment based on a framework that adds socioeconomic resilience and uses wellbeing losses as its main measure of disaster severity. Using a new, agent-based model that represents explicitly the recovery and reconstruction process at the household level, this risk assessment provides new insights into disaster risks in the Philippines. First, there is a close link between natural disasters and poverty. On average, the estimates suggest that almost half a million Filipinos per year face transient consumption poverty due to natural disasters. Nationally, the bottom income quintile suffers only 9 percent of the total asset losses, but 31 percent of the total wellbeing losses. The average annual wellbeing losses due to disasters in the Philippines is estimated at US.9 billion per year, more than double the asset losses of US.4 billion. Second, the regions identified as priorities for risk-management interventions differ depending on which risk metric is used. Cost-benefit analyses based on asset losses direct risk reduction investments toward the richest regions and areas. A focus on poverty or wellbeing rebalances the analysis and generates a different set of regional priorities. Finally, measuring disaster impacts through poverty and wellbeing impacts allows the quantification of the benefits from interventions like rapid post-disaster support and adaptive social protection. Although these measures do not reduce asset losses, they efficiently reduce their consequences for wellbeing by making the population more resilient.