The postcard shows the downtown Iloilo City business area. This is, I believe J.M. Basa Street. The building on the left side of the postcard is Iloilo Central Trading.
Calle Real (Downtown Iloilo City Heritage District). Old buildings that were constructed in the Commonwealth era in J.M Basa (Calle Real), Iznart, Aldeguer and Guanco were declared as a Heritage Site of Iloilo. It showcases the unique architecture of the downtown area.
Iloilo City Landmarks Wikipedia Entry