Chikka alongwith Thailand's Danthai Boonma and Berry Henson of the United States was two shots behind Malaysia's Nicholas Fung and Bangladesh's Siddikur Rahman, who shared the third round honours with a three-day total of two-under 211 at the Laguna National Golf and Country Club.
Chikka has another opportunity to redeem himself after he had fought his way into contention at the Panasonic Open but ran out of steam in the end last week.
"My scores have been improving everyday which is great. I'm confident with my game and I've been playing well. I didn't putt well on the first day and even yesterday, the putts were not falling in but I made sure I hit a lot of greens to shoot a one-under in the second round," he said.
"I played good last week too but I just didn't manage to hang in there on the last few holes. I know my game is in shape and I am very confident with how things are going," said the Indian.
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Two strokes further down is Khalin Joshi (70) and Gaganjeet Bhullar (74), who are sharing the 21st spot with three others at four-over.
Rashid Khan (75) and Shiv Kapur (75) carded a disappointing 75 to lie tied 31st with a total of 219.
At the top, Fung carded a two-under 70 while Siddikur broke par for the first time with a 69 to stay two shots ahead of the chasing pack.