 |
 |
|
|
| 1st(1st leg) | Universidad Católica | - | Nacional | 1:1 (1:0) | ||
| 2nd (2nd leg) | Nacional | - | Universidad Católica | 0:0 (0:0) | ||
| 1st(1st leg): 07/09/1988 | 2nd (2nd leg): 14/09/1988 | Winner: Nacional | ||||
| 1st(1st leg) | América de Cali | - | Universitario de Deportes | 1:0 (0:0) | ||
| 2nd (2nd leg) | Universitario de Deportes | - | América de Cali | 2:2 (1:2) | ||
| 1st(1st leg): 07/09/1988 | 2nd (2nd leg): 14/09/1988 | Winner: América de Cali | ||||
| 1st(1st leg) | San Lorenzo | - | Guarani - SP | 1:1 (1:0) | ||
| 2nd (2nd leg) | Guarani - SP | - | San Lorenzo | 0:1 (0:1) | ||
| 1st(1st leg): 07/09/1988 | 2nd (2nd leg): 14/09/1988 | Winner: San Lorenzo | ||||
| 1st(1st leg) | Bolívar | - | Newell's Old Boys | 1:0 (1:0) | ||
| 2nd (2nd leg) | Newell's Old Boys | - | Bolívar | 3:2 (1:0, 1:0, 1:0) pso | ||
| 1st(1st leg): 07/09/1988 | 2nd (2nd leg): 14/09/1988 | Winner: Newell's Old Boys | ||||
| 1st(1st leg) | Oriente Petrolero | - | Colo-Colo | 2:1 (1:0) | ||
| 2nd (2nd leg) | Colo-Colo | - | Oriente Petrolero | 0:0 (0:0) | ||
| 1st(1st leg): 08/09/1988 | 2nd (2nd leg): 14/09/1988 | Winner: Oriente Petrolero | ||||
