| Group 4 | 05/07/1988 | Cerro Porteño | - | Club Olimpia | 0:0 | ||||
| Group 4 | 25/07/1988 | Oriente Petrolero | - | Cerro Porteño | 2:2 |  |
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| Group 4 | 28/07/1988 | Bolívar | - | Cerro Porteño | 2:0 | ||||
| Group 4 | 09/08/1988 | Club Olimpia | - | Cerro Porteño | 1:0 | ||||
| Group 4 | 15/08/1988 | Cerro Porteño | - | Oriente Petrolero | 1:0 | ||||
| Group 4 | 18/08/1988 | Cerro Porteño | - | Bolívar | 3:2 | |
Paraguay