The postcard shows Malacañang Palace as seen from the Pasig River. Malacañang Palace, located along the north bank of the Pasig River in Manila, is the official residence of the President of the Philippines.
The palace was originally a summer home built in 1802 by Spanish aristocrat Don Luis Rocha, which was then subsequently purchased by an official and then purchased by the state. When the Philippines came under American rule following the Spanish-American War, Malacañang Palace became the residence of the American Governor-General.
* Malacañang Palace is depicted on the verso (back) side of the present-day 20-peso bill.
* The former San Miguel Brewery Building was demolished upon expansion of the palace, overseen by the then First Lady Imelda Marcos.
UPDATE: San Miguel Brewery Postcard
Malacañang Palace Wikipedia Entry