This commercial for Old Amsterdam was obviously shot in Amsterdam.
Where was it shot exatcly?
Right after asking this, when rewatching the commercial, I suddenly recognised the location. Specifically, the hotel shown in the background at 0:20.
This is Hotel de l'Europe, located on the corner where the Rokin, the Kloveniersburgwal, and the Amstel meet. From there it was easy to work out that this must've been filmed on top of the old V&D department store.
With Google Streetview, I confirmed that this is indeed the spot (looking straight to the west and up a bit).