| Group 4 | 05/07/1988 | Cerro Porteño | - | Club Olimpia | 0:0 | ||||
| Group 4 | 18/07/1988 | Oriente Petrolero | - | Club Olimpia | 1:0 | ||||
| Group 4 | 21/07/1988 | Bolívar | - | Club Olimpia | 2:0 | ||||
| Group 4 | 09/08/1988 | Club Olimpia | - | Cerro Porteño | 1:0 | ||||
| Group 4 | 18/08/1988 | Club Olimpia | - | Oriente Petrolero | 1:2 | ||||
| Group 4 | 25/08/1988 | Club Olimpia | - | Bolívar | 4:2 |  |
Paraguay