The postcard shows the painting of Vincent Manansala entitled Balut Vendor. Vicente Silva Manansala (January 22, 1910- August 22, 1981) was a Philippine cubist painter and illustrator. Manansala's canvases were described as masterpieces that brought the cultures of the barrio and the city together. Manansala developed transparent cubism, wherein the "delicate tones, shapes, and patterns of figure and environment are masterfully superimposed".
Unfortunately, I couldn't find additional information about the painting nor the location (private collection or museum), but the Honolulu Academy of Arts, the Lopez Memorial Museum (Manila), the Philippine Center (New York City) and the Singapore Art Museum are among the public collections holding work by Vicente Manansala.
A balut is a fertilized duck (or chicken) egg with a nearly-developed embryo inside that is boiled and eaten in the shell. They are common, everyday food in some countries in Asia, such as in the Philippines. Popularly believed to be an aphrodisiac and considered a high-protein, hearty snack, balut are mostly sold by street vendors at night.
Vicente Manansala Wikipedia Entry
Balut Wikipedia Entry