The San Sebastian Stags won both rounds of elimination, becoming outright champions of the seniors' division; the San Beda Red Cubs also won both rounds in the juniors' division, with the JRC Light Bombers coming in second.

San Sebastian won both pennants, and were named automatic champions without need for the finals.

In a rematch of the 1987 first round finale, San Sebastian prevailed over Letran 77–73 preventing a comeback from the Knights which cut the 38–58 SSC lead to a 2-point 71–73 deficit.

Paul Alvarez tipped on a miss from a fellow Stag, but Letran's Robert Ruiz split his two free-throws to keep pace with SSC, 72–75.

[1] In the penultimate second-round game for both teams, San Sebastian defeated Letran 85–84 as Eugene Quilban prevented Jerry Ruiz from catching the ball in a pick-and-roll attempt with 2.7 seconds left.