Island's monarch receiving international post (8)

I believe the answer is:

principe

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'island's' is the definition.
(I know that Principe is a islands)

'monarch receiving international post' is the wordplay.
I cannot really understand how this works, but
'monarch' could be 'r' (abbreviation for regina, e.g. in ER ) and 'r' is present in the answer.
'international' could be 'i' (abbreviation eg in IMF) and 'i' is located in the answer.
'post' could be 'p' (abbreviation as in PS for postscript) and 'p' is present in the answer.
This explanation may well be incorrect...

Can you help me to learn more?

I've seen this clue in The Times.

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