A yeast strain, CO-2, was isolated as a producer of extracellular protease from a sample of bamboo by-product. The cells were spherical- to ovoid-shaped and $3.7-4.2{ imes}4.1-4.8{mu}m$ in size. The isolated strain grew at $20-45^{circ}C$, in the pH range of 3.0-12.0. Optimal growth conditions were $35^{circ}C$ and pH of 6.0 for 14 h. The isolate was able to grow in up to 8.0%(w/v) NaCl and 9.0%(v/v) ethanol. Biochemical data obtained using the VITEK system were close to those of Pichia farinosa (exhibiting a 97% matching level). Based on molecular phylogenetic analysis of the 18S rDNA sequences and restriction enzyme analysis of the 18S rDNA-ITS1 region, this strain was identified as P. farinosa. Optimum pH and temperature of the crude protease preparation of P. farinosa CO-2 were pH 3.0 and $40^{circ}C$, respectively. The enzyme retained more than 80% of its stability at pH ranging from 3.0 to 8.0. After heating at $60^{circ}C$ for 1 h, the enzyme exhibited 71% of its original activity.