The president's statement comes within an hour after the Telesur TV channel reported that Garcia had succumbed to his injuries.
Earlier in the day, local TV broadcaster America reported that Garcia survived after the suicide attempt, though he was in critical condition and was undergoing emergency surgery. According to the broadcaster, his son and supporters arrived at the hospital.
Peru's ex-president Alan Garcia shot himself in the neck early on Wednesday shortly after police arrived at his home in Lima to arrest him on bribery charges, local media reported, citing a police source.
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Commenting on the former official's condition after the incident, Peru's Health Minister Zulema Tomas called it "very critical" and "very serious."
Alan Garcia is not the only former Peruvian president whose name is linked to the firm and who is being suspected of being involved in corrupt schemes. Ex-President Pedro Pablo Kuczynski, who used to rule Peru before current leader Martin Vizcarra, is charged with receiving a total of $4.8 million in bribes from construction and development company Odebrecht.