Chile has been rocked with several corruption scandals recently.

But President Michelle Bachelet, who is facing the lowest approval ratings of her political career, has rejected the idea that she should resign and instead views the challenges affecting her nation as an opportunity for reflection and change.

Despite Chile's corruption being relatively low compared to the rest of South America, the public trust in politicians and big business has been damaged.

This is due primarily to a recent bank loan scandal involving Bachelet's son, and a campaign financing scandal involving right-wing politicians and a prominent financial company called the Penta Group.

Speaking to foreign correspondents at the presidential palace, Bachelet said that at the moment there is “a very serious crisis of confidence." She also explained that she was “convinced that this crisis is a tremendous opportunity for us to advance in fixing those loopholes, strengthening the institutions so these types of situations are never repeated."

As reported by The Associated Press, a recent poll has indicated Bachelet's approval rating has dropped 8 percentage points in March down to 31 percent.

Bachelet has stated she is not concerned about her popularity, but rather she is focusing her attention on pushing forward what she views as some much needed reforms.

These projects include reducing the gap between the rich and the poor, overhauling education, and changing the dictatorship-era Constitution in order to render Congress more representative.

Chile remains the world's top copper producing country.

Despite recent challenges, Chile is considered one the best-managed economies in Latin America because of its prudent fiscal and macroeconomic policies, as well as its strong institutions.

Bachelet, the first female Chilean President, said: "We have to focus on recovering trust and making sure the institutions are seen as doing their job in a serious and responsible way."

"I think that's my duty, not improving my popularity ratings," she maintains.