@calingaerta
Filipino does not have the equivalent of the verb "to be" or "be", which takes the "am, is, are, was, were" meanings in English. The "ay" might look like it's that verb, but when the sentence is stated in the inverted order, the "ay" is removed and would, therefore, indicate that it does not function as the "to be" verb. It just serves to link the subject to the predicate in the subject-predicate form of a sentence.
"Ang babae AY maganda" = "Maganda ang babae" = The woman is beautiful
Even if we can consider it as the "to be" verb in a sentence, there is only one form of "ay" and it will always translate to the present tense if there is nothing there that can contextually indicate that the sentence is in a different tense.
Daoxin's answer is correct. When "to be" is the only verb in a sentence, then we need to use a time indicator/marker or a contextual cue to indicate past or future reference.
For the distant past, "noon" (then) and "dati" (before, formerly) are used to generally refer to that time. A more specific period in time may also be used for that purpose.
"Ang babae ay maganda noon/dati" = The woman was beautiful then/before. - This English translation is not precise though because it would more likely be interpreted as "Women were beautiful then/before". It would be better to state this sentence by making reference to a specific woman instead. "Ang babaeng iyan/iyon ay maganda noon/dati" = That woman/That woman yonder was beautiful then/before.
"Ang babaeng iyan ay maganda noong nasa college pa siya" = That woman was beautiful when she was still in college.
"Ang babaeng iyon ay maganda nang nakita ko siya noong Pasko" = That woman (yonder) was beautiful when I saw her last Christmas.
As Daoxin also mentioned, you may add "pero ngayon hindi na" (but not anymore now), although that would not really be necessary as it would normally be already understood.
"Ang babaeng iyan ay maganda siguro para sa magiging asawa niya balang-araw" = That woman would maybe be beautiful to the one who'll become her husband someday.