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| 1st(1st leg) | Peñarol | - | San Lorenzo | 0:0 (0:0) | ||
| 2nd (2nd leg) | San Lorenzo | - | Peñarol | 1:0 (0:0) | ||
| 1st(1st leg): 21/09/1988 | 2nd (2nd leg): 28/09/1988 | Winner: San Lorenzo | ||||
| 1st(1st leg) | Oriente Petrolero | - | América de Cali | 1:1 (1:1) | ||
| 2nd (2nd leg) | América de Cali | - | Oriente Petrolero | 2:0 (2:0) | ||
| 1st(1st leg): 21/09/1988 | 2nd (2nd leg): 28/09/1988 | Winner: América de Cali | ||||
| 1st(1st leg) | Newell's Old Boys | - | Nacional | 1:1 (0:1) | ||
| 2nd (2nd leg) | Nacional | - | Newell's Old Boys | 2:1 (2:0) | ||
| 1st(1st leg): 22/09/1988 | 2nd (2nd leg): 28/09/1988 | Winner: Nacional | ||||
