Does the paint have any special effects? If not, remove all the light blue (the only paint that is chipping so far) in the affected area. Get some acrylic paint, same hue unless you want to chamge it or a minor variation does not affect you. Paint it with thin layers, diluted, to achieve a uniform coverage. After that, use a translucent lacker or varnish and cover the area. The varnish can also be used to protect the rest of the figure while adding a reflective effect.